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Russia and China Expect to Sign a Deal for Power of Siberia 2 Pipeline Soon

Russia and China expect to finalize soon the preliminary work on the natural gas link Power of Siberia 2 and sign an agreement on the pipeline’s construction, Russian Deputy Prime Minister Alexander Novak said in China this week.

“We plan to finalize the review of the project and sign soon the deal to build the pipeline with a capacity of 50 billion cubic meters of gas via Mongolia,” Novak told Russian television, as carried by news agency Interfax.

Russia and China also plan “other new projects,” Novak, Russia’s top energy negotiator with OPEC, said while on a visit to China accompanying Vladimir Putin.

The Russian president met with Chinese leader Xi Jinping this week as the two countries are forging closer ties to counter the U.S. and the West. The official visit to China was Putin’s first foreign trip since he was sworn in for a fifth presidential term earlier this month.

Russia bets on selling increased volumes of energy products to China after losing Europe as a key oil export market following Putin’s war in Ukraine.

The Power of Siberia 2 gas pipeline has been a topic of discussions between Russia and China for years but no progress has been made.

Currently, Russia supplies pipeline gas to China via the Power of Siberia pipeline, one of the biggest projects recently completed by Gazprom and the first conduit for Russian gas to China. Now, there’s talk about the Power of Siberia 2, but negotiations between Russia and China haven’t progressed much.

An agreement on the Power of Siberia 2 has not been reached yet due to some sticking points, including the prices at which Gazprom will deliver the gas.

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The Power of Siberia 2 pipeline was designed to ship gas from Russia’s Western Siberia Altai region to northeast China via Mongolia.  

By Tsvetana Paraskova for Oilprice.com

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  • Mamdouh Salameh on May 17 2024 said:
    Building the Spirit of Siberia 2 pipeline (Sp2) is inevitable if China is to satisfy its increasing needs of Russian gas. It will prove a great success as the SP 1.

    Moreover, it makes sense. Russia is the world’s largest gas exporter and China is the world’s largest gas market. Furthermore, the SP 2 enhances China’s energy security.

    China’s economy and Russia’s are made for each other as they compliment each other brilliantly in every way.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

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