Russian President Vladimir Putin and his Chinese counterpart Xi Jinping on Monda...
SOCHI, Russia - Russian President Vladimir Putin and his Chinese counterpart Xi Jinping on Monday oversaw the launch of a landmark pipeline that will transport natural gas from Siberia to northeast China, an economic and political boost to ties between Moscow and Beijing.
The move cements China’s spot as Russia’s top export market and gives Russia a potentially enormous new market outside Europe. It also comes as Moscow is hoping to launch two other major energy projects — the Nord Steam 2 undersea Baltic gas pipeline to Germany and the TurkStream pipeline to Turkey and southern Europe.
“This step takes Russo-Chinese strategic cooperation in energy to a qualitative new level and brings us closer to the task, set together with Chinese leader Xi Jinping, of taking bilateral trade to $200 billion by 2024.” Flows via the pipeline are expected to gradually rise to 38 billion cubic metres per year in 2025, possibly making China Russia’s second-largest gas customer after Germany, which bought 58.50 bcm of gas from Russia last year.
Russian pipeline gas will compete against other pipeline gas supplies to China, including from Turkmenistan, as well as against shipments of sea-borne liquefied natural gas .
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