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 Greece. 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 and China? 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 2030. Intelligent & consistent From P&ID to maintenance ProDOK NG is the CAE software solution for all plant owners and EPC’s who prefer a solution that’s fast, intelligent, efficient and consistent. Thanks to ProDOK NG’s new modules not only I&C engineering becomes efficient and straightforward – P&I diagrams and electrical engineering just got a lot smarter, too. P&ID Module for piping and instrumentation diagrams 0000 Basic and Detail Engineering Module for efficient I&C engineering M 3~ Electrical Module for electrical planning Find out all about them at www.prodokng.com