Gazprom Bets on China, Cuts 2025 Investments by 7%

Russian gas giant Gazprom is cutting its planned investments for next year by 7% compared to 2024 levels as more natural gas flows out of Russia are now headed to China instead of Europe. Gazprom’s investment is now geared toward developing gas fields and processing facilities in eastern Russia and the Yamal peninsula, as the Russian firm is pivoting to supplying more gas to China than to Europe, which was its main export market until the Russian invasion of Ukraine and Gazprom cutting off supply to many European countries. Russian gas sales…