Russia, China Move Forward on Long-Planned Gas Pipeline
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Russia and China are proceeding with a long-planned project to build a natural gas pipeline linking the two countries, which could offer Moscow an economic lifeline as it faces tougher Western sanctions.
Russian energy giant Gazprom PJSC and China National Petroleum Corp. (CNPC) have signed a “legally binding memorandum” to build the Power of Siberia 2 pipeline through Mongolia, Russian state news agency TASS reported Tuesday, citing Gazprom CEO Alexey Miller. The pipeline is designed to supply 50 billion cubic meters of natural gas to northern China annually for 30 years.
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- 2006：
- Russia first announced the pipeline project.
- December 2019：
- The Power of Siberia project began operating at full capacity.
- February 2022：
- Russia invaded Ukraine, sparking subsequent EU sanctions including forthcoming bans on Russian energy.
- 2024：
- In 2024, LNG accounted for 58% of China’s 181.7 billion cubic meters of gas imports and pipeline gas accounted for 42%.
- First seven months of 2025：
- The average price of imported natural gas in China was down 6.7% year-on-year.
- Second quarter of 2025：
- Russian fossil fuel revenues dropped by 18% year-on-year (the lowest since the invasion of Ukraine), LNG revenues fell by 6%, pipeline gas revenues decreased by 4%, and Russian fossil fuel gas exports to Europe continued to decline.
- September 2, 2025：
- Russian energy giant Gazprom PJSC and China National Petroleum Corp. (CNPC) signed a 'legally binding memorandum' to build the Power of Siberia 2 pipeline through Mongolia.
- September 3, 2025：
- The leaders of Mongolia, China and Russia affirmed their commitment to implementing a project for the construction of a natural gas pipeline from Russia to China via Mongolian territory at a trilateral summit in Beijing.
- September 3, 2025：
- Gazprom and CNPC signed deals to boost supplies through two other pipelines: the volume through the existing Power of Siberia gas pipeline will increase from 38 billion to 44 billion cubic meters per year, and the planned Far Eastern route's annual capacity will rise from 10 billion to 12 billion cubic meters.
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