Russian President Vladimir Putin and his Chinese counterpart Xi Jinping oversee launch of a landmark pipeline to transport natural gas from Siberia to northeast China
Russian President Vladimir Putin and Chinese President Xi Jinping virtually inaugurated the"Power of Siberia" pipeline via a video link-up. Russia also plans to launch two more gas pipelines that will ramp up supplies to Europe.
The start of gas flows via the Power of Siberia pipeline reflects Moscow's attempts to pivot to the East to try to mitigate pain from Western financial sanctions imposed over its 2014 annexation of Ukraine's Crimea. "This is a genuinely historic event not only for the global energy market but above all for us, for Russia and China," said Putin, who watched the launch via video link from the Russian Black Sea resort of Sochi.
Xi told Putin via a video link that the newly-launched gas pipeline is "a landmark project of bilateral energy cooperation" and an "example of deep integration and mutually beneficial cooperation". The price China is paying for Russian gas in the new pipeline remains a closely kept secret with various industry sources saying it is tied to the price of an oil products basket.Increased competition
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