Gazprom Ready to Boost Gas Supplies to China By 1000 BCM

Russia's state-owned energy concern Gazprom could increase gas flow to China by 100 billion cubic meters on a yearly basis in the near future, CEO Alexey Miller said Tuesday.

"It was not long ago that we entered this marked by signing a very profitable contract under which we will have USD 400 B in thirty years. But this is just the beginning," ITAR-TASS quoted Miller as saying.

"If I am to comment on the prospects for gas supplies of natural gas to the Chinese market, they are just huge. In other words, their volume could grow to 60 billion cubic meters or even 100 bcm on a yearly basis in the new future," he added.

In his view, the Asia-Pacific region as a whole is a big market for liquefied natural gas, but a forecast can be made that pipeline deliveries for the region and also for China are to keep growing.

Moscow struck in May a historic deal with China to supply about 1.14 trillion cubic meters to the country in the next three decades, or 38 bcm yearly.

However, supplies through the Power of Siberia pipeline, which has to be completed between the two states, is not to start before 2018.

Miller's announcement came against the backdrop of gas disputes between Russia and Europe on the South Stream project, which is expected to pump 63 bcm more into Europe after being completed in a few years' time.

Gazprom delivered to Europe some 160 bcm as of 2013.