China's interest in the "Power of Siberia 2" pipeline has grown due to the conflict between Israel and Iran, The Wall Street Journal (WSJ) reported, citing its sources.
The conflict in the Middle East has forced China to think about the reliability of oil and gas supplies from the region. Beijing doubts their reliability, even despite the ceasefire, and this could lead to progress in the discussion of the "Power of Siberia 2" project, since China is now much more interested in it than before.
Currently, over 90% of Iranian exports of oil is being sent to China, although Washington is trying to prevent Tehran from doing so with its sanctions. US President Donald Trump also said on Tuesday that China is buying oil from Iran. Despite the ceasefire, however, Beijing is still interested in finding alternative routes for oil supplies. Therefore, China is also trying to increase its oil purchases from Russia, which is in the interest of both Moscow and Beijing.