Xi Jinping and Putin Rekindle Power of Siberia 2 Gas Pipeline Talks
Chinese President Xi Jinping and Russian President Vladimir Putin resumed negotiations on the long-stalled Power of Siberia 2 natural gas pipeline during a bilateral meeting at the Shanghai Cooperation Organisation summit in Kyrgyzstan.
The proposed pipeline, which has been delayed since its first proposal in 2006, is set to deliver 50 billion cubic meters of natural gas annually from Russia's Yamal Peninsula through Mongolia into northern China.
Russian Deputy Prime Minister Alexander Novak indicated in May that contract terms were near completion, but Beijing has maintained a cautious stance, avoiding public commitments regarding pricing and supply guarantees.
Securing overland energy channels has become increasingly important for Beijing amid escalating geopolitical friction in the Middle East, particularly with Iran restricting transit through the Strait of Hormuz.