Free Republic

When Russia invaded Ukraine in February 2022, it lost access to many world markets, including much of Europe. Countries like Germany, which for years had relied on Russian gas and oil, now turned sharply away and sought to rid themselves of any vestiges of Russian dependence. (Source) Into the breach stepped China. Always thirsty for new supplies of gas and oil, China quickly notified Russia that it was interested in receiving Russian gas and in developing a pipeline from Siberia for that gas. (Source). Recently, however, that lifeline looks more like a noose, at least for Russia. Beijing is taking...

The deliveries promised in the deal depend on supplies from two natural gas deposits located in Siberia – the Chayanda oil and gas condensate field in Yakutia and the Kovykta gas condensate field in the Irkutsk Region. The two together have natural gas reserves of 4.1 trillion cubic meters, but neither has yet been developed. ...“a propaganda spin to justify the $70 billion price tag the state has splurged on” for construction of a pipeline to China. “Usually, the costs for similar state funded projects always overstretch the initial price tag,” ... Industry insiders say Gazprom doesn’t have the technology...

Russia's under-pressure economy and Vladimir Putin have been dealt a devastating blow after state-controlled gas giant Gazprom recorded a huge net loss of $12.89B (£9.9bn) in 2024. The company's financial woes were compounded by plummeting share prices in its subsidiary Gazpro Neft and an increased income tax rate of 25%. This greatly raised tax liabilities for the company, leading to billions of pounds lost and follows a historic 2023 where Gazprom revealed a net loss for the first time in 25 years, recording a historic deficit of 629 billion rubles ($7.6 billion). The huge financial blow has had a knock...

Vladimir Putin has waged an energy war on Europe. The general running his campaign is ultra-loyalist and Gazprom PJSC boss Alexei Miller. ... Handicapping Gazprom is Mr. Miller’s decision over the past decade not to enter the market for liquefied-natural gas—a choice that left Gazprom, unlike Russian rival Novatek JSC, near totally reliant on pipelines to export fuel. Gazprom has limited options in the short term to redirect its gas to China and other buyers given its traditionally westward-facing infrastructure. One pipeline to China opened in 2019, but it can’t handle much gas. A second is under negotiation but won’t...