Overview

• Gazprom chief Alexey Miller said he signed a legally binding memorandum with CNPC during the SCO summit to advance the Power of Siberia 2 pipeline via Mongolia.
• Beijing has not explicitly confirmed detailed commitments, and the document omits core commercial terms including price, financing and firm capacity.
• Gazprom framed future sales in rubles and yuan and described a multi‑decade supply concept, while analysts cautioned that start‑up could be many years away.
• The project is discussed at around 50 bcm per year to move Western Siberian gas to northeast China through Mongolia, redirecting volumes once destined for Europe.
• Energy analysts say the pipeline could ease Asia’s reliance on LNG in the 2030s and pressure U.S. exporters, as recent Russian LNG deliveries to China highlight deepening ties despite sanctions.