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China's CNPC signs energy supply agreements with Gazprom and Rosneft (Russia)

7 Feb 2022

Gazprom and China National Petroleum Corporation (CNPC) have signed a long-term Sales and Purchase Agreement for 10 bcm/year of natural gas to be supplied via the Far Eastern route. Consequently, the amount of Russian pipeline gas supplies to China (including via the Power of Siberia gas trunkline) will reach 48 bcm/year. In January 2022, Gazprom completed a feasibility study for an extension of the Power of Siberia 2 natural gas pipeline, which would connect Russia to China via Mongolia. The gas pipeline project, named Soyuz Vostok, could have an export capacity of 50 bcm/year, i.e. 1.3 times higher than that of Power of Siberia (38 bcm/year).

In addition, Rosneft and China National Petroleum Corporation (CNPC) have signed a 10-year agreement for 100 Mt of oil to be supplied from Russia to China through Kazakhstan. Crude oil will be processed at refineries in northwest China. Moreover, Rosneft has signed agreements with Beijing Gas, which owns a 20% stake in Vercknechonskneftegas (oil production at the Verkhnechonskoye field located in the Irkutsk Oblast in Eastern Siberia), will develop a network of gas service stations in Russia.

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