If all the energy projects come to fruition, nearly 100 billion cubic meters of Russian gas are expected to reach China annually from 2030, contributing to warming up the strategic relationship between the two sides.
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| Russian Prime Minister Mikhail Mishustin and Chinese Premier Li Qiang. (Source: China Daily) |
Taking place ahead of the 75th anniversary of the establishment of diplomatic relations (1949-2024) and the launch of the Sino-Russian Year of Culture, the 28th regular meeting between the Prime Ministers of China and Russia in Beijing is an opportunity for both sides to strengthen their strategic relationship, which is defined as "unlimited."
Entering the meeting room, Chinese Premier Li Qiang and his Russian counterpart Mikhail Mishustin had much to be optimistic about. Despite the difficulties of the global economy , Sino-Russian cooperation remains stable. In 2023, for the first time in history, bilateral trade exceeded $200 billion.
In particular, over 90% of Sino-Russian trade is conducted in Chinese yuan and Russian rubles, helping to avoid the negative impact of Western sanctions on Russia, as well as the US-China confrontation.
Building on this favorable momentum, many new opportunities are opening up. However, energy is a strategically important area where both sides want to expand cooperation. Currently, Russia is China's number one supplier of oil, second in coal, and third in liquefied natural gas.
Through the Power of Siberia pipeline, Russia aims to supply China with 38 billion cubic meters of natural gas per year by 2025, contributing to energy security for three provinces in northeastern China, the Beijing-Tianjin-Hebei region, and the Yangtze River Delta.
Next is the Power of Siberia 2 pipeline project, which runs through Mongolia to China. It is projected that when operational in 2030, this pipeline will transport 50 billion cubic meters of natural gas annually, equivalent to the now-defunct Nord Stream 1 pipeline from Russia to Germany.
If all the energy projects come to fruition, nearly 100 billion cubic meters of Russian gas are expected to reach China annually from 2030, contributing to warming up the strategic relationship between the two sides.
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