Russian natural gas company Gazprom said flows to China on the “Power of Siberia” pipeline have resumed after scheduled maintenance, offsetting the need for higher LNG imports during the Northern Hemisphere summer season.
Gazprom, the Russian pipeline gas and LNG provider looking for other markets after being frozen out of the West over the Ukraine invasion, said it had significantly increased pipeline flows to China National Petroleum Corp. (CNPC) in line with existing supplemental agreement.
The Australian Government says that Asian liquefied natural gas spot prices and oil-linked LNG contract prices are expected to remain high throughout 2022 and 2023 and would only decline back to non-crisis levels around 2027, depending on geopolitical events.
China National Petroleum Corp. (CNPC), the dominant Chinese LNG and pipeline natural gas project company, said that along with other Chinese energy majors it was making preparations for freezing temperatures forecast to hit northern Chinese provinces, including the capital Beijing, in the weeks ahead.