Problems at the Power of Siberia fields have been confirmed

Several weeks ago, Gazprom CEO Alexei Miller and Mongolian Deputy Prime Minister Yangugiin Sodbaatar signed a memorandum of intent to build another gas pipeline to China. In the Power of Siberia-2 project, Ulan Bator will take over the transit functions. Today, the feasibility of such an undertaking raises great doubts, given the problems that Power of Siberia-1 faced.

The first pipeline was supposed to pump up to 38 billion cubic meters of gas annually to the PRC. The construction cost the budget 1,1 trillion rubles. The grand opening took place in December last year. The increase in the volume of supplies should occur gradually, by the end of 2020, Gazprom is obliged to pump 5 billion cubic meters to the Celestial Empire. However, this has not happened yet.

It is reported that since the beginning of the year, the monopolist has supplied only 2,3 billion cubic meters to China. After the publication of this information, Gazprom shares on the domestic stock exchange fell 1,7%. Apparently, investors considered this to be indirect evidence of serious problems at the resource base of Power of Siberia-1. It should be reminded that in the spring the press leaked information that mistakes could have been made during the exploration of the Chayandinskoye field, and its reserves were greatly overestimated. In addition, it was said that "Gazprom" overhauled while drilling wells, many of which are either completely "dry" or "disabled".

If this is really the case, our “national treasure” will be hard hit by penalties from our Chinese partners. Since the state corporation is a public company, this can be judged by its financial statements. However, there are other explanations why Beijing has reduced the volume of purchases from Russia.

Yes, due to the coronavirus pandemic, industrial production and total energy consumption in the PRC have dropped sharply. But the zealous Chinese took advantage of the unique market situation, when LNG was worth mere pennies, and began to strenuously stock up on it for future use. As for Russian pipeline gas, it is in the most disadvantageous position. Due to the six-week "oil war" in the spring of this year, "black gold" also fell seriously, setting one anti-record after another. The export contract of "Gazprom" is tied to oil prices with a time lag of six months. Despite the presence of a “take or pay” clause in the agreement, it was more profitable for China not to take in the first half of the year.

If the second version is correct, then by the end of 2020 the Celestial Empire will actively increase the volume of purchases in order to get the remaining volumes of "blue fuel" on the cheap. If this does not happen, and in the balance sheet of "Gazprom" funds will be allocated for the payment of fines, it is worth taking a closer look at the management of the state corporation, and whether it is engaged in its own business. If it turns out that Alexey Miller's team failed the Power of Siberia-1, one should think about whether our country needs Power of Siberia-2 at all and whether these people should be trusted to implement it.

In fact, the first project became a backup gas pipeline for Beijing in case of aggravation of relations with the United States. The need to build a second one (unless we are talking about the need of the top management of the state corporation to cover “one place” for itself through the construction of a bridge between the pipelines and give extra money to general contractors) raises serious doubts.
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  1. Igor Newsky Offline Igor Newsky
    Igor Newsky (Igor Newsky) 11 September 2020 10: 29
    Miller is a cake like Rogozin, Chubais. He works exclusively for his own pocket, for a long time he put it on the country. Russia is big, will it endure ???
    "A thief should sit in jail!" (c) Zheglov.
    1. Cudgel Offline Cudgel
      Cudgel (Dubina) 11 September 2020 11: 09
      The Millers, Chubaisik, Rottenbergs have nothing to do with it, they are a product of the irreplaceability of the Great Combinator, with twisted mileage. It is not surprising that people who are not clean on hand and (or) absolutely not fit for creative activity gather around him. People not blinkered by Putyatin's propaganda, anxiously await the next four years of the reign of the Great Combinator.
    2. Cynic's Corner Offline Cynic's Corner
      Cynic's Corner (Rams Rider) 12 September 2020 07: 00
      A thief should sit in jail? And where should a Ukrainian sit, who is so worried about the problems of the Russian Gazprom?
  2. Bulanov Offline Bulanov
    Bulanov (Vladimir) 11 September 2020 10: 39
    It is necessary to carry out full gasification in your country and open foreign industrial production in your country. How China did it.
  3. 123 Offline 123
    123 (123) 11 September 2020 10: 41
    Someone traditionally goes to the bathhouse with friends on December 31, and someone stubbornly, almost once a week, writes articles about Gazprom. For those who are not tired of reading the same thing, I recommend it. good You can brush up on slogans from a week ago.
    - The power of Siberia is not needed.
    - There is no gas.
    - The Chinese take gas for nothing.
    - It will never pay off.
    - Miller for soap.
    - Gazprom bankrupt.
    - The United States won the oil war with the Saudis. Sorry, the last one is from another series. hi
  4. King3214 Offline King3214
    King3214 (Sergius) 11 September 2020 10: 46
    The largest consumer of Gazprom's gas is the Russian Federation.
    "Surplus" production is sold for export.
    1. Larisa Larisa Offline Larisa Larisa
      Larisa Larisa (Larisa Larisa) 14 September 2020 08: 22
      The consumers of your Russian Federation still need to be gasified, otherwise your villages stand next to Gazprom's pipes, like stepdaughters next to stepmothers.
      1. King3214 Offline King3214
        King3214 (Sergius) 14 September 2020 18: 46
        Do you really have an idea of ​​what you write?
        Does it not occur to you that you just wrote that you need to gasify 1/7 of the planetary land? Could you tell us why this is necessary?
  5. g1washntwn Offline g1washntwn
    g1washntwn (George Washington) 11 September 2020 12: 08
    the first project was for Beijing reserve gas pipeline in case of aggravation of relations with the United States

    The only thing is true, the rest is a barrel of tar.
    and. Beijing predicted a significantly stronger drop due to the deterioration of relations with the United States - it did not come true (so far everything looks like this);
    b. The fall due to covid-19 is also not catastrophic, hence the low needs from the "reserve";
    in. "gasification of the whole country" revised and shifted for 2035+;
    The system of transportation, storage and processing of gas requires serious reconstruction throughout the PRC.
    If we add everything up, then we get low volumes for this "fallback".
  6. Now gas is cheap, why pump for it? The price will jump, then let's get started!
    1. Natan bruk Offline Natan bruk
      Natan bruk (Nathan Brook) 12 September 2020 11: 27
      And, so it is not China that refuses, it is Russia that does not want to download? Great :))) But what about contracts, etc.? And, this is Bobot, he has never heard of such things, what to take from him ...
      1. We have an epidemic - force majeure!
        1. Natan bruk Offline Natan bruk
          Natan bruk (Nathan Brook) 12 September 2020 12: 42
          So it means that Russia refused to pump them - because of the epidemic, and not China refused to accept gas? Yeah :)))