During a meeting with Russian President Vladimir Putin in Beijing, Chinese President Xi Jinping expressed his hopes for the construction of a new natural gas pipeline connecting China to Russia via Mongolia to make “substantial progress,” as reported by CCTV. The meeting took place during Putin’s visit to China for the third Belt and Road Forum for International Cooperation.
President Xi emphasized the importance of effective cooperation with Russia in ensuring grain and energy security. He stated that strengthening ties between Moscow and Beijing is a long-term goal. The pipeline project, known as the Power of Siberia 2, aims to bring natural gas from Russia’s Yamal peninsula to China. Prior to the conflict in Ukraine, the Yamal peninsula served the EU market through several pipelines, including Nord Stream, which was sabotaged in September 2022.
Russian officials plan to increase pipeline gas supplies to China by 50 billion cubic meters annually through the Power of Siberia 2 project. Additionally, by 2025, the existing Power of Siberia pipeline is expected to provide 38 billion cubic meters of gas per year.
During the meeting, President Xi also expressed his desire to expand cross-border tourism cooperation between China and Russia within the framework of the Great Tea Road project. He also highlighted the significance of the China-Mongolia-Russia economic corridor in facilitating the development of high-quality transport links.
In recent years, Russia has significantly increased its energy supplies to China. Currently, China ranks as the world’s second-largest oil consumer. This development comes as the EU decreases its energy imports from Russia due to sanctions.
Aleksey Miller, the CEO of Russian state-run energy giant Gazprom, announced earlier in the day that Russian gas exports to China would soon reach levels comparable to those sold to the EU before the imposition of sanctions.
This collaboration between China and Russia in the energy sector demonstrates their commitment to strengthening economic ties and enhancing their bilateral relationship. The construction of the new natural gas pipeline will not only contribute to China’s energy security but also promote trade and cooperation between the two countries.
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