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Russian gas giant Gazprom has signed a legally binding agreement for the construction of the Power of Siberia 2 pipeline. This was reported by the Russian news agency Interfax, citing Gazprom CEO Alexei Miller.
"Today, a legally binding memorandum was signed on the construction of the Power of Siberia 2 gas pipeline and the Soyuz-Vostok transit gas pipeline through Mongolia.
"This project will enable the transportation of 50 billion cubic meters of gas per year from Russia through Mongolia," Miller was quoted as saying by Interfax.
Gas supplies through the Power of Siberia 2 will continue for 30 years. In addition, according to Miller, Russia aims to increase supplies through the existing Power of Siberia 1 from 38 to 44 billion cubic meters per year. "This will be the largest, most ambitious and most capital-intensive gas project in the world," Miller said.
The agreement on the “Power of Siberia” and “Power of Siberia 2” came during a visit by Kremlin President Vladimir Putin to Chinese President Xi Jinping. According to the Russian news agency Tass.ru, the two countries have also concluded 20 other cooperation agreements in the fields of energy, technology and other sectors. The reason for the visit is, among other things, the summit of the Shanghai Cooperation Organization (SCO).
The signing marks another milestone for the construction of the Power of Siberia 2 pipeline. For a long time, it seemed that China was delaying cooperation in the construction of the pipeline. Just a few days ago, on August 29, 2025, industry sources considered a breakthrough in the $13.6 billion pipeline project impossible. Therefore, China will try to buy more gas through the Power of Siberia 1 pipeline, Reuters reports.
In the run-up to the signing, there were also reports of discrepancies regarding the sale price. According to inside sources, China demanded very low prices for the purchase of Russian gas, making the sale barely viable for Russia's economy.
It remains unclear at what price China intends to buy Russian gas in the future, now that the binding construction agreement has been signed.
Miller declined to comment. When asked about gas prices, he said, "We'll report on trade issues separately."
Russia's economy has increasingly shifted its focus to China and even India for energy deals. Despite the war in Ukraine, China continues to import gas from Russia, via the Power of Siberia 1 pipeline. Since 2019, Russia has been supplying gas to China via Eastern Siberia. Since the production areas of Western and Eastern Siberia are not yet connected, Moscow hopes to divert gas from Western Siberia to China by building the "Power of Siberia 2" pipeline. Putin could also increase revenues by supplying Russian gas to China.
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