Russian Gazprom will not be able to restore its volume of gas exports lost due to the war in Ukraine for at least 10 years, writes FT. It is predicted that Gazprom’s gas exports to Europe will average 50-75 billion cubic meters per year until 2035, which barely reaches 33% of the volume supplied to the European market before the invasion of Ukraine.
Gazprom hopes that the new Power of Siberia 2 pipeline to China will help compensate for lost European exports, but its capacity will be only 50 billion cubic meters per year, and prices for the gas it transports will be much lower. However, Russia cannot agree with China on plans to construct a new gas pipeline.
Meanwhile, the President of Turkey announced the expansion of the Trans-Anatolian Gas Pipeline’s (TANAP) capacity, particularly for transporting gas produced in Turkmenistan to Turkey and Europe. The TANAP gas pipeline passes through Azerbaijan, Georgia, Turkey, and further into Europe via the Trans-Adriatic gas pipeline, bypassing Russia.