Russian, Chinese premiers call for agreements on Power of Siberia 2 gas pipeline to be reached as quickly as possible - Novak

BEIJING. Dec 19 (Interfax) - Russian Prime Minister Mikhail Mishustin and Premier of China's State Council Li Qiang have called for reaching agreements on the construction of the Power of Siberia 2 gas pipeline as quickly as possible, Deputy Russian Prime Minister Alexander Novak told reporters following the 28th regular meeting of the premiers of the two countries.

Novak said the project was discussed, the premiers "emphasized the importance of the project" and that it is at the stage of approving the terms of the agreement between the companies Gazprom and CNPC. "We stressed the importance of reaching agreements as quickly as possible," he said.

Novak said that the parties discussed "all projects that are on the agenda, that are being implemented, and future issues related to trade and implementing special energy projects."

Gazprom currently supplies gas to China via the Power of Siberia gas pipeline. A long-term agreement for the purchase and sale of natural gas along the Far Eastern route was signed in February 2022. Russian pipeline gas shipments to China will increase by 10 bcm once the project reaches full capacity.

Gazprom started to assess the possibility of supplying up to 50 bcm of gas to China across Mongolia per year in 2020. Front-end engineering and design for the Soyuz Vostok gas pipeline project began in February 2022. The pipeline will be an extension of Power of Siberia 2 in Mongolian territory.