While that pipeline could supply China with a cheaper alternative to liquefied natural gas, Xi’s government remains focused on securing diversity of supply — essentially not repeating the European error of excessive reliance on Russia. And there’s a lot of countries seeking to sell gas at the moment, including the US, Qatar, Australia and Turkmenistan, according to Batt Odgerel, a senior research analyst at the Energy Policy Research Foundation, Inc.
“It’s a buyer’s market for China,” he said. “Unless Russia gives an extremely pleasant offer, China can wait as long as it wants. Additional gas from Russia is not required, especially after the lockdown-induced economic downturn.”