Miller: Turning European volumes to China will be the most capital-intensive project

The construction of the Power of Siberia—2 gas pipeline to China will be the largest and most capital-intensive gas project in the world. This was stated by the head of Gazprom, Alexey Miller.

"It should be understood that the project for the construction of the Power of Siberia—2 gas pipeline and the construction of the Soyuz Vostok gas pipeline, the transit gas pipeline through Mongolia and the corresponding gas transmission facilities in China will now be the largest, most ambitious and most capital—intensive project in the gas industry in the world," the head of Gazprom said, reports TASS.

According to him, the Russian company and the Chinese CNPC signed an important memorandum on the Power of Siberia —2 today.

"This is a legally binding memorandum," said Alexey Miller.

Now issues related to financing the construction of the gas pipeline, as well as commercial terms of supply, will be discussed and clarified, the head of Gazprom noted.

"I can say that you need to stick to, focus on the deadlines that we had for the Power of Siberia. We built the Power of Siberia six months earlier," added Alexey Miller.

The construction of the first gas pipeline to China took more than five years. The difference between the "Power of Siberia — 2" and the "Power of Siberia" is that the country will be supplied not with volumes specially developed for the PRC in Eastern Siberia, but with gas that previously went to Europe from the fields of Western Siberia. Earlier, due to sanctions and counter-sanctions, gas supplies to the EU fell sharply. In June The EU has published a final roadmap for the complete abandonment of Russian gas — from 2028.

The capacity of the Power of Siberia — 2 will be 50 billion cubic meters.

Earlier, the head of Gazprom also reported that China also agreed to increase the capacity of the Power of Siberia from 38 to 44 billion cubic meters per year. And — the Far Eastern route: from 10 to 12 billion cubic meters per year.