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Investing.com -- The heads of Russia’s Gazprom (MCX:GAZP) and China’s CNPC met in Beijing on Friday to discuss future Russian gas supplies to China, as Moscow continues to seek stronger energy ties with the world’s largest energy consumer.
Russia, which holds the world’s largest natural gas reserves, has been working to redirect its energy exports away from Europe toward Asian markets like India and China since the Ukraine conflict began in February 2022.
While Russia has successfully diverted oil supplies, its efforts to diversify pipeline natural gas away from the European Union have progressed more slowly.
Russia began exporting gas to China through the Power of Siberia pipeline in late 2019 and plans to reach the pipeline’s full annual capacity of 38 billion cubic meters this year.
The two countries have also agreed on additional gas exports of 10 billion cubic meters from Russia’s Sakhalin island, scheduled to begin in 2027.
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