Overview

• Gazprom CEO Alexei Miller announced a legally binding memorandum to build the Power of Siberia 2 pipeline and the Soyuz Vostok transit link through Mongolia following talks in China.
• The proposed route would deliver roughly 50 billion cubic meters of gas per year for 30 years from West Siberia to northern China, according to Russian reports.
• Beijing has not publicly confirmed the pipeline specifics, with state media only noting more than 20 cooperation deals that included energy agreements.
• Gazprom said pricing will be agreed separately and did not detail financing or construction responsibilities, a sign the project remains far from a final investment decision.
• The agreement also envisages higher flows on existing routes, including lifting Power of Siberia capacity to about 44 bcm a year and increasing Far East supplies from Sakhalin to around 12 bcm, as Russia pivots gas exports away from Europe.