Russia, China ink deal to build new gas pipeline as they deepen energy ties
Summary
Russia and China have agreed to build a new gas pipeline, enhancing their energy partnership. This decision was announced during Russian President Vladimir Putin's visit to China, with a specific focus on expanding gas supply routes from Russia to China. The pipeline, approved by both nations' leading energy firms, demonstrates their deepening economic and energy ties.Key Facts
- Russia and China agreed on a new gas pipeline project during President Putin's visit to China.
- Gazprom, Russia’s largest energy company, confirmed a legally binding agreement was signed.
- The pipeline, called Power of Siberia 2, is expected to transport 50 billion cubic meters of gas annually.
- Gas will come from Russia's Arctic Yamal fields and pass through Mongolia to reach China.
- Deliveries from the existing Power of Siberia pipeline will increase from 38 to 44 billion cubic meters a year.
- The deal allows China to diversify its energy sources and reduce reliance on U.S. liquefied natural gas imports.
- 22 agreements, including a strategic cooperation pact, were signed during Putin's visit.
- Pricing details for the new pipeline route are still under negotiation.
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