Russian LNG Supplies to China Skyrocket to 8.3 Million Tons in 2024

Russian LNG Supplies to China Skyrocket to 8.3 Million Tons in 2024
Russian liquefied natural gas (LNG) supplies to China have surged to 8.3 million tons in 2024, marking a 3.3% increase compared to the previous year. This boost highlights the strengthening energy ties between the two nations, according to China’s customs data.
Despite the increased volume, the total value of imports decreased by 3.5%, amounting to $4.99 billion. Russia now ranks third among China’s LNG suppliers, maintaining its vital role in China’s energy mix.
Russia also emerged as China’s top crude oil supplier in 2024. During the first ten months, China imported an impressive 2.17 million barrels per day (b/d) of Russian crude oil, a 2.2% increase compared to the same period in 2023.
A Partnership in Energy Expansion
Russia and China have been working on expanding their energy partnership for years. By 2030, gas supplies from Russia to China are projected to hit 85 billion cubic meters annually. This includes both pipeline and LNG shipments. The massive Power of Siberia pipeline plays a key role in these ambitious goals.
The Power of Siberia pipeline is expected to reach its full transportation capacity of 38 billion cubic meters per year by 2025. This pipeline, a joint project between Gazprom and the Chinese National Petroleum Corporation (CNPC), was solidified through a 30-year contract signed in May 2014.
Power of Siberia’s Strategic Role
The pipeline underscores Russia’s efforts to diversify its natural gas export markets amid geopolitical shifts. It delivers most of China’s Russian gas supply and solidifies a critical energy corridor between the two countries. By 2025, the pipeline will play an even greater role in meeting China’s growing energy demands.
This comprehensive energy cooperation reflects a win-win strategy for both nations. As China’s appetite for natural gas continues to grow, Russia has positioned itself as a reliable supplier, ensuring long-term energy security for Beijing while bolstering Moscow’s export revenues.
With the current trajectory, this partnership is poised to redefine global energy markets in the coming decades.
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