Oil & Gas Innovation Summer 2020 Digital | Page 31
a robust resource base, a well-balanced trading
portfolio, along with flexible conditions of
supplies and modern tools for trading. That is
why we step up our cooperation activities even
at this time; for instance, we have just signed
a new long-term contract for gas supplies to
Speaking of the financial situation, Gazprom
maintains a high level of stability and reliability.
By the beginning of this year, we accumulated a
significant liquidity cushion amounting to over
USD 22 billion across the Group. Investors show
a great deal of trust in us; this year, we placed
two issues of bonds in US dollars and euro, and
two ruble bonds, all of them on very favorable
terms. On Monday, we are going to close one
more deal in US dollars.
According to all of the “Big Three” international
agencies, i.e. S&P, Moody’s and Fitch, Gazprom’s
long-term credit ratings remain unchanged,
whereas the ratings or the rating outlooks for
many foreign oil and gas companies have been
lowered by at least one of those agencies.
By the way, a decline in gas demand is not
a universal trend for foreign markets. For
instance, China is continuously ramping up
both gas consumption and gas imports.
In general, how would you assess the
potential for cooperation between Gazprom
The potential is very high. China’s demand
for gas will grow at a very high pace. Last year,
gas consumption in China grew by almost
10 per cent, thus exceeding 300 billion cubic
meters. In 15 years, the demand for gas in the
country may double.
Today, Gazprom is supplying gas to China via
the Power of Siberia gas pipeline. In just a few
years, we will increase the supply volume to 38
billion cubic meters. The supplies via Power of
Siberia will grow faster than both the imports
of LNG and the gas supplies from Central
Asia to China.
I would like to note that Gazprom and its
Chinese partners are currently negotiating
an increase of gas supplies via the Power of
Siberia pipeline by 6 billion cubic meters, i.e.
to 44 billion cubic meters of gas per year, as
well as the ways to arrange gas supplies from
Russia’s Far East, along with the construction
of Power of Siberia 2 and the western route.
Considering all of this, we can say that in the
foreseeable future the volume of pipeline gas
exported to China will exceed 130 billion
cubic meters, which is comparable with our
supply volumes to the traditional markets.
As for gas grid expansion in Russian regions,
what is the main item on your agenda?
The main item, of course, is the task set
by the President of Russia as regards the
implementation of the gas supply and gas grid
expansion programs in Russian regions. We
have been given totally clear timeframes for
the stages and completion: the years 2024 and
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