The Russian government has planned a further reduction in the price of Russian gas for China, Reuters reports, citing an updated forecast of socio-economic development prepared by the Ministry of Economic Development.
Last year, Gazprom’s supplies, which are carried out via the Power of Siberia pipeline launched in 2019, cost China $267.6 per thousand cubic meters. The price was 30% lower than what customers in Europe and Turkey paid ($376.9 per thousand cubic meters).
In 2025, the price of Gazprom’s gas for China will decrease to $247.3, while for European and Turkish buyers, on the contrary, it will increase to $403 per thousand cubic meters, according to materials from the Ministry of Economic Development. The discount will thus reach 39% and exceed $150 per thousand cubic meters.
In 2026, the government plans a further, insignificant reduction in the gas price for China — to $241.8 per thousand cubic meters.
Last year, Gazprom pumped 31 billion cubic meters of gas to China, and this year brought the Power of Siberia to its design capacity of 38 billion cubic meters per year. However, this compensates Russia for less than 20% of its pre-war exports to the European Union, which at its peak reached 200 billion cubic meters.
Since then, Gazprom’s supplies to the once largest sales market have collapsed almost 7-fold, to a minimum since the second half of the 1970s: 28 billion cubic meters in 2023 and 32 billion in 2024.
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