Russia And China JUST SHOCKED The World With This NEW MEGA Pipeline!

Russia And China JUST SHOCKED The World With This NEW MEGA Pipeline!

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Russia and China have just made some big moves! They're on the brink of agreeing to start building the massive Power of Siberia 2 pipeline in 2024, which will carry Russian gas to Beijing via Mongolia by 2030.

This new 6700 kilometer pipeline will be a game-changer for both countries, and it's got everyone talking! So, what exactly does this mean for the world and the entire oil and gas industry?

This proposed pipeline can carry 50 billion cubic meters of gas each year. It's almost as much as Nord Stream 1, which was shut down in September, and used to deliver a third of Russian gas to the European Union. The Power of Siberia 2 will also connect to the Russian gas network that links to the Yamal Peninsula in West Siberia.

This means Russia can now send gas east or west whenever they want. And once it's completed, it will even double Russia's current gas exports to China!

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Putin met with Chinese President Xi Jinping in Moscow for three days last March. They talked about the Power of Siberia 2, and Putin said that almost everything is set, and they plan to start building it in 2024.

Putin also said that Russia will supply China with at least 98 billion cubic meters of gas and 100 million tons of liquefied natural gas by 2030.

Moscow and Beijing have talked about building a gas pipeline that would go through Mongolia since 2006. However, they have been unable to agree on how much China would pay for the gas. And Russia didn't want to send its gas to China unless it would make a lot of money.

In addition, Gazprom made two pipelines called Nordstream 1 and 2 to send more Yamal gas to Europe. They also started a plan in 2007 called Eastern Gas Development Program to sell gas to China.

This plan will use gas from Eastern Siberia, Power of Siberia 1, and the Far East, Power of Siberia 3. The plan will include gas production, transportation, and supply to China.

However, experts think it's time for the Power of Siberia 2 to step up and contribute its potential output of 50 billion cubic meters to help Russia's shift towards the east and fulfill Putin's objective.

The Financial Times reported in July that Mongolia's Prime Minister Oyun-Erdene Luvsannamsrai stated a feasibility study had been finished, but the exact path for the Power of Siberia 2 was still being debated. The planners initially planned a pipeline to cross the Altai mountains to connect gas fields in West Siberia and the Xinjiang Uygur Autonomous Region in northwest China.

But in September 2019, China changed its mind and preferred a different route. The new route would go from Irkutsk through Mongolia and end in Beijing. Moreover, Russia is already exporting a record amount of natural gas to countries in the East.

Gazprom set a new gas export record in 2022 by delivering 15.5 billion cubic meters of gas to China using the Power of Siberia 1. This is almost 50% more than they delivered in 2021. Alexander Novak, the Deputy Prime Minister of Russia, confirmed this news as reported by Vedomosti business media.

Gazprom has signed two 30-year contracts with China National Petroleum Corporation to deliver Russian gas. The first contract obligates Gazprom to provide 38 billion cubic meters per year of gas to China.

The second one was signed in February 2022 and commits to 10 billion cubic meters per year of gas with prices based on the euro currency. According to Reuters, gas delivery through the Power of Siberia 3 for the second contract is expected to begin by 2025.

The latest Chinese customs report showed that Russia is now China's top gas supplier. In fact, the Chinese bid for Russian gas via the Power of Siberia 1 pipeline was higher than their daily requirement. Gazprom fulfilled the request and even set a new record for daily gas deliveries to China at the beginning of 2023.

Russia took over Turkmenistan, Qatar, and Australia to become China's top gas provider last January. They exported over 2.7 billion cubic meters, with 2 billion cubic meters through the Power of Siberia 1 and 0.77 billion cubic meters via LNG.

Meanwhile, Turkmenistan and Qatar delivered 2.2 billion cubic meters, and Australia provided 1.9 billion cubic meters. On the other hand, Gazprom anticipates exporting 22 billion cubic meters via the Power of Siberia 1 in 2023.
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