Name: How will Power of Siberia shape China’s gas market?
Brand: Wood Mackenzie
SKU: 121123
Price: 950 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Insight 04 December 2019

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Report summary

Russia’s dream of piped exports to eastern markets is now a reality. The successful launch of the Power of Siberia gas pipeline on 2 December is a key milestone in the China-Russia energy relationship. It will diversify Russia’s gas export mix and help China achieve a cleaner energy mix. But there are several risks to Russian gas imports and Gazprom's initial ramp-up plans. In this insight we will review: • Where in China will Russian gas be most competitive? • How will Russian gas imports change the supply mix in Chinese target markets? • What are the key risks to the Power of Siberia ramp-up? Please read our Insight to find out more.

Executive summary
Power of Siberia commissioning – a landmark for both Russia and China
How competitive will Russian piped gas be in China?
- Gazprom is unlikely to achieve its initial ramp-up target
- There is room for PoS gas across China's regional markets
- Northeast region – the initial and core focus for Russian gas
- Beijing-Tianjin-Hebei and Shandong – a competitive heartland
- Yangtze River Delta – the end of the line for PoS gas
What are the key risks and uncertainties?
- Upstream – lots more work to come for Gazprom
- Infrastructure – China’s pipeline connections are far from complete
- Demand – clouds gather over China growth outlook
- Gas-on-gas competition – China’s market reforms could reshape the state of play