Russia and China have signed a memorandum to construct the Power of Siberia 2 pipeline, delivering an extra 50 billion cubic metres of gas per year to China. Gazprom CEO announced increased supplies through the existing Power of Siberia pipeline. Pricing for new pipeline gas is still being negotiated. China continues energy trade with Russia despite Western sanctions, seeking discounts. Gazprom shifts focus to China amid loss of European gas market. Pipeline project considered world’s largest and most capital-intensive. Additional agreements signed during Chinese talks. Price offered to China to be lower than Europe due to challenging terrain. 3,000km Power of Siberia pipeline expected to reach full capacity in 2025. Gas deliveries from Sakhalin Island to China to increase.

Read more at Yahoo Finance: Russia, China sign deal to advance Power of Siberia 2 gas pipeline