The China National Petroleum Corporation (CNPC) will spend about 7.26 billion dollars by 2030 to build 23 new and expand ten existing gas storage facilities, media reported.
The total capacity of gas storage facilities will exceed 15 billion cubic meters. In addition, the corporation will build 11 regional gas storages in order to ensure uninterrupted gas supplies to the population in winter, TASS reports, with reference to the China Daily. Now CNPC owns 23 of 26 underground gas storage facilities.
Experts link China’s desire to create an underground gas storage system with increasing deliveries of pipeline gas from Turkmenistan and the start of Russian gas supplies via the Power of Siberia pipeline. The first gas shipments are scheduled for December 1, 2019. Under the agreement signed between Gazprom and CNPC the Russian party has undertaken to supply 38 billion cubic meters annually for 30 years.
ORIENT back in April 2018, with reference to Reuters, reported that Turkmen natural gas purchased by China is being pumped into underground gas storage reservoirs in the southwestern Chinese city of Chungking. As was informed that time, this is done to prevent a shortage in the winter peak gas consumption period in the context of eliminating the use of coal.
Moreover, the earlier report Gas 2019 of the International Energy Agency (IEA) emphasized that Turkmenistan will remain the largest exporter of pipeline gas to China by 2024 with the delivery rates of more than 45 billion cubic meters a year, while Russia will supply 35 billion cubic meters annually within this period