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Russia plans to double oil and gas exports to Asia by 2035

According to a draft Energy Strategy, Russia plans to double its oil and gas exports to Asia by 2035. The country aims to double the share of Asia in oil and oil product exports to 23% by 2035, as part of a broader export diversification strategy. By 2035, Russia aims to ship 32% of its oil to Asia from the current 16% (2013), with gas soaring from 6% to 31%. Asia would overtake Europe as main gas export market; export volumes to Europe and CIS are expected to decline after 2015 to stay at 95% of 2010 levels by 2035. Heavy oil exports should drop from about 57 Mt in 2010 to 20 Mt in 2035, while motor fuel exports would increase from 44 Mt to 58 Mt. In 2013, oil exports dropped by 2%. The final version of the Energy Strategy is expected to be published and approved in 2014.

The rise in gas exports will benefit from the end of Gazprom's export monopoly. Rosneft plans to triple oil exports to China to over 1 mb/d in the next few years.