Russia and gas market of Asian-Pacific region

Thursday, June 30, 2022

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By 2020, Russia's share on the gas market of Asian-Pacific region (APR), might reach 15%, if the exports of gas increase to 70-100 billion cubic meters, announced on Tuesday during the 2005 Russian-Japanese Economic Forum held in Niigata (Japan) British Petroleum marketing director Neil Beveridge in his report on strategic development of Russian gas resources in the east of the country. The diversification of Russian exports and their split in two directions, not only to the West, but also to the East, to Asian-Pacific region, will make Russia a leading gas exporter in the world, Mr. Beveridge believes. He bases his conclusions on the fact that the estimated increase of gas consumption in Asian-Pacific region is approximately 2.5% per year, including the increase of gas consumption in China from 50 billion cubic meters in 2005 to 180 billion cubic meters in 2020, and from 80 to 100 billion cubic meters in Japan. According to Mr. Beveridge, more than 50% of projected gas exports to China, Japan and South Korea will be supplied from gas fields in Sakhalin (50-60 billion cubic meters) and from Eastern Siberia (50 billion cubic meters). Primarily, Russia will satisfy the demand on its domestic market, and in the future it will build gas pipelines connecting its gas fields in Sakhalin with Japan and gas fields in Eastern Siberia with China and South Korea. The implementation of the "eastern program" of the development of gas sphere will depend on Russia's success in accomplishing such tasks as the development of resources and export markets, optimization of internal and external demand and whether it will manage to attract about $50 billion of investments on the part of the state and private companies. Mr. Beveridge believes that the role of administrative bodies in that respect is very important. Answering a question posed by RIA Novosti correspondent about how real is the chance of Russia's penetration of Asian markets, Mr. Beveridge stated that the creation of the second gas corridor in Russia through the development of Eastern Siberia and Sakhalin gas fields would lead to cooperation rather than competition with countries of Asian-Pacific region.

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