According to China's Ministry of Foreign Affairs, the PRC is counting on increased natural gas supplies from Turkmenistan due to reduced energy imports from Australia. During the meetings of Turkmen Foreign Minister Rashid Meredov, Deputy Prime Minister Serdar Berdymukhamedov, and Chinese Foreign Minister Wang YiThe Chinese diplomat noted that gas cooperation is a key point in bilateral cooperation.
The Chinese side considers Turkmenistan as a strategic partner in the gas sphere and is ready to develop a comprehensive cooperation plan with a forward-looking perspective.
The Chinese Foreign Ministry made a statement that the countries reached an agreement on further strengthening and expanding cooperation in the gas sector, as well as developing strategic cooperation in the vertical energy sphere.
Wang Yi believes that Turkmenistan and the PRC should create drivers for the growth of partnership that extends beyond energy - in trade, investment, communication, and technology.
The South China Morning Post reports that China is reducing its imports of Australian energy resources due to changing political conditions. According to Bloomberg, at least two small Chinese importers of liquefied natural gas will reduce new purchases from Australia during 2022.
Turkmenistan is China's largest supplier of natural gas, and the Turkmenistan-China gas pipeline, also known as the CA-China gas pipeline, is a hallmark of China's One Belt, One Road initiative, a massive global infrastructure development project. Since the pipeline opened in 2009, China has imported over 240 billion cubic meters of natural gas from Turkmenistan, accounting for more than 70% of China's total imports.
China's five-year development plan assumes that one of the main points will be the diversification of gas and oil imports to strengthen the state's energy security.
In view of the changing import situation from Australia, China needs to increase hydrocarbon imports from Central Asia to balance consumption levels, according to Sun Qi, an expert at the Shanghai Academy of Social Sciences.
It is worth noting that during the recent of the telephone conversation between the heads of Turkmenistan and ChinaXi Jinping called for joint efforts to take the strategic partnership between the two countries to a new level by expanding cooperation in various sectors, including aerospace and vaccine supplies.