Russian President Vladimir Putin said on Monday that the planned 'Power of Siberia-2' gas pipeline would provide China with competitive advantages as supplies would be based on a market formula, Reuters reported, quoted by BTA.
Russia and China have already signed a binding memorandum on the construction of 'Power of Siberia-2', which will provide Russian natural gas to the Chinese economy. However, there is still no agreement on the price of the blue fuel, Gazprom said, underscoring President Xi Jinping's disregard for Western calls to end the deepening partnership with Moscow.
During his visit to China, Putin noted that the agreements signed would guarantee the supply of more than 100 billion cubic meters of gas per year once the pipeline is completed. He added that the price of gas would be determined according to a “market formula,” without providing further details.
The Russian president also highlighted growing global energy demand, including in China, noting that the contracts with Russia, the world’s leading producer of natural resources, would ensure stable and reliable supplies.