Contract of Gazprom and CNPC not to have a direct impact on European gas market

The contract of Gazprom and CNPC won’t have a direct impact on the European market for pipeline gas. the analysts of international rating agency Standard & Poor `s think.

S&P’s analysts noted that gas exports to China won’t reduce the volume that is available for export to Europe.

Gazprom’s gas supplies to China will begin only in 4-6 years. The company has huge gas reserves and significant capacities, which are not used in full, especially after the start of the Bovanenkovskoye field's development.

The company plans to supply gas to China from new fields in Eastern Siberia, not from the existing fields, which are used for deliveries to Europe. The fields in Eastern Siberia are too far from European markets, from Gazprom’s fields in Western Siberia and from pipelines that transport gas to Europe.