CHINA-RUSSIA: CHINA AND RUSSIA COMMENCE CONSTRUCTION OF TWO OIL AND GAS PIPELINES

China's State-owned China National Petroleum Corp. agreed to import more natural gas from Russian major Gazprom in a deal announced on the sidelines of the summit between Chinese President Xi Jinping and Russian President Vladimir Putin in February. Currently, the only gas pipeline between Russia and China is Power of Siberia, which began operating in 2019 and has an annual capacity of 38 billion cu. meters. Nikkei Asia (March 12) said the countries plan to establish a new pipeline under the deal with an annual capacity of 10 billion cu. meters. Russia's Gazprom on March 1 also announced it had begun taking concrete steps toward the construction of the Power of Siberia 2 pipeline, which would pass through Mongolia and have an annual capacity of around 50 billion cu. meters. These projects, which include the Power of Siberia expansion and the new Altai link through China's Xinjiang region, would expand pipeline capacity between the countries to over 100 billion cu. meters a year -- equivalent to almost half of China's imports.





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