Gazprom is pumping more LNG than ever but it’s staying at home as Russia replenishes severely depleted stocks
A worker in a branded helmet at the construction site of the Amur gas processing plant, part of Gazprom's Power of Siberia project. File photo: REUTERS/MAXIM SHEMETOV
The constraints at home come as top customer Europe is facing a gas crunch, with prices breaking records. That’s prompted the International Energy Agency to call on Russia to do more to boost shipments, while a group of European lawmakers asked for an investigation into Gazprom’s role in the price rally. The US said the crisis raises concerns about market manipulation.
Gazprom’s storage sites in Russia were just 16% full at the end of last winter, depleted well beyond the normal 35% to 40%, according to Bloomberg calculations using company data. The gas giant plans to finish filling its Russian storage sites by November 1, and “after this point, any excess volumes could be available for the European market,” Citigroup said in a note.
Russia’s piped supplies to China in the first half tripled from a year earlier and the growth is set to continue, with Gazprom targeting flows of as much as 38-billion m³ a year to Asian consumers via pipeline.
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