PLATTS | , 2 Dec 2019, because that's where the NEW money is headed

The 5 Bcm/year of gas supply is estimated to account for around 1.6% of China's total gas supply estimates of 316 Bcm in 2019, according to S&P Global Platts Analytics and China's National Development and Reform Commission. Once it reaches full capacity of 38 Bcm/year in 2022-23, it would account for around 9.5% of China's total gas supply estimates of 402 Bcm for 2022.

"By 2023, nearly 40% of Chinese gas demand growth will be met through Russian gas from Power of Siberia. With global LNG markets banking on Chinese demand growth to sustain new projects, Russia's pipeline and LNG pincer move on Asia does give reason for pause," said S&P Global Platts Analytics senior LNG analyst Samer Mosis.

This will make Russia one of the major natural gas suppliers to China in the future, besides Australia and Turkmenistan. Australia and Turkmenistan are currently the top two natural gas suppliers to China, sending 22.8 million mt or31.4 Bcm, and 20.2 million mt or 27.8 Bcm in the first 10 months of this year, Platts' calculation based on data from the Chinese customs showed.

The dead money is circling the Greater Middle East drain. I bet, EU's new best friend Qatar knows that. KSA certainly does, to judge by diversification of its refining bidness in the run up to ARAMCO IPO, o wait, 11 Dec 2019.