MOSCOW (MRC) -- The Gazprom Board of Directors took note of the information concerning the impacts of the events of 2019 on the long-term outlook for the global energy market, said the company.
It was highlighted that the ongoing global growth in natural gas consumption is one of the chief trends of 2019.
China continues to demonstrate significant growth. In 2018, the country's gas consumption went up by 18 per cent. By the end of 2019, gas consumption in China may rise by 10 per cent, considerably exceeding 300 billion cubic meters. It was noted at the meeting that the launch of the Power of Siberia gas pipeline, which took place on December 2, allows the Company to provide reliable gas supplies from Russia to China and strengthens Gazprom's positions in this promising gas market.
In Europe, indigenous gas production decreased at an accelerated pace throughout 2019. It was stressed that Gazprom is a leading supplier of gas to Europe, covering over a third of the region's demand and capable of taking further steps to enhance energy security in European countries.
The meeting participants pointed out that the events of 2019 had no tangible impact on the long-term outlook for the global energy market. Gazprom's positions will remain stable in the long run thanks to, inter alia, enormous gas reserves, well-developed production and transmission infrastructure, and the ongoing effort to diversify export areas and routes.
As MRC informed earlier, Gazprom and Sinopec discuss potential avenues for cooperation. A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Li Yong, Vice President of China Petrochemical Corporation (Sinopec Group), took place in St. Petersburg. The parties discussed their potential areas of cooperation.
As MRC informed earlier, Gazprom Neft and the Abu Dhabi National Oil Company (ADNOC) have entered into a Framework Agreement on Strategic Cooperation. The companies will explore opportunities for implementing joint projects in the upstream and downstream sectors, as well as in information technologies, artificial intelligence, and other areas.
Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,904,410 tonnes in the first eleven months of 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments increased from both domestic producers and foreign suppliers. The PP consumption in the Russian market was 1,161,830 tonnes in January-November 2019, up by 7% year on year. Deliveries of all grades of propylene polymers increased, with the homopolymer PP segment accounting for the largest increase.
MRC