Source: U.S. Energy Information Administration, International Energy Outlook 2013, IHS Energy, Eastern Bloc Research Note: Volumes shown for Russia-China gas deal assume minimal contract obligations. Increases in these volumes will lessen the amount needed from LNG imports and other contracts. China’s natural gas demand has been growing as the government seeks to move away from coal in favor of cleaner fuels. According to EIA’s International Energy Outlook 2013 (IEO2013) Reference case, demand will more than triple from 5.2 Tcf in 2012 to 17.5 Tcf by 2040. Russia’s largest natural gas company, Gazprom, finalized a deal with the Chinese National Petroleum Corporation (CNPC) in May. Under the first phase of the new 30-year contract, Russia will supply China 38 billion cubic meters (bcm), or 1.3 trillion cubic feet (Tcf), per year of natural gas starting in 2018. Future phases could increase this volume to as much as 60 bcm (2.1 […]