Handbook of Energy Politics
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Handbook of Energy Politics

Edited by Jennifer I. Considine

Starting with the fundamentals of the global energy industry, Handbook of Energy Politics goes on to cover the evolution of capital and financial markets in the energy industry, the effects of technology, environmental issues and global warming and geopolitics. The book concludes by considering the future, including the lessons learned from history, where we are most likely to be heading and what steps we can take to mitigate potential energy risks. This Handbook will be an invaluable resource for upper level graduates and postgraduate scholars.
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Chapter 6: The role of Sino-Russian gas cooperation in China’s natural gas expansion

Keun-Wook Paik

Abstract

Since May 2014, when the Power of Siberia (POS) 1 gas deal was announced, much western media coverage has been focused on the delay of POS 1 development. However, it is safe to say that there is no change of fundamentals of Sino-Russian oil and gas cooperation. Unlike the ESPO (Eastern Siberia-Pacific Ocean) oil line which started its operation in 2009 and made Russia a swing supplier between European and Asian markets, POS 1 line is still under construction and even after completion it will not make Russia a swing supplier. Nonetheless, the impacts of Sino-Russian gas cooperation cannot be underestimated as POS 1 development is only the start of the expanding gas sector cooperation. Another important factor that will affect Sino-Russian gas cooperation is the success of Yamal LNG development. Without the provision of loan for gas, there was not guarantee of the success of Yamal LNG. Importantly, Yamal LNG is set to open a new chapter in Russia’s Arctic onshore gas development in the coming decade and China’s role as the strategic investor and gas market provider will play a pivotal role. As China’s gas expansion in the coming years and decades will continue, China is determined to diversity the pipeline gas and LNG supply sources. Time will tell how important a role Sino-Russian gas co-operation will play in China’s gas expansion.

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