Russia will be able to afford to choose a gas buyer after the implementation of the Power of Siberia-2 project. This threatens the energy security of Europe and will increase Moscow’s opportunities in the world energy markets, they wrote RIA News citing an article from the British The Telegraph.
The new gas pipeline should connect fields in Yamal with consumers in China, which will be beneficial for both sides and pose a certain danger to Europe. “Although Moscow has sufficient resources to meet demand in both markets, it may give preference to a buyer who pays a higher price for gas,” said ICIS analyst Tomasz Marzec-Manser.
Without Power of Siberia-2, European countries are the main consumers of Russian gas from Yamal. China is supplied with blue fuel from deposits in Eastern Siberia. The capacity of the existing gas pipeline to China is 38 billion cubic meters of gas per year. Power of Siberia-2 should add another 50 billion cubic meters to the possibilities of supplies to Asia.
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In the fall-winter of 2021, the global market faced high gas prices. Due to the energy policy of the European Union and the course towards “green” energy sources, the cost of a thousand cubic meters of fossil fuels broke historical records, which had an unpleasant effect on those countries that did not have agreements on fixed supply prices. Analysts agree on forecasts of gas price growth on the world market in the long term.
Earlier, the financier Artem Tuzov disclosed the impact of expensive gas on the euro and ruble exchange rates. In his opinion, a short-term rise in prices has rather a speculative effect on exchange rates.
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