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Russia's Novak Signals Power of Siberia 2 Deal Near

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Russia expects to sign a construction contract for the Power of Siberia 2 gas pipeline to China through Mongolia in the near future according to Deputy Prime Minister Alexander Novak on Rossiya 1 TV Thursday.

  • "We also plan to finish the consideration and sign a contract in the near future for the construction of a gas pipeline with a capacity of 50 billion cubic meters of gas through the territory of Mongolia. There are other new projects as well," he said.
  • The pipeline, if fully utilised, would nearly replace all the lost gas flows towards Europe via Nord Stream.
  • Progress towards the pipeline have progressed slowly and more positive comments have typically emerged from the Russian side rather than China which holds the bargaining power.
  • China has been reported to be holding out for deep discounts to consider the project, knowing Russia has few other options for the volumes.
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Russia expects to sign a construction contract for the Power of Siberia 2 gas pipeline to China through Mongolia in the near future according to Deputy Prime Minister Alexander Novak on Rossiya 1 TV Thursday.

  • "We also plan to finish the consideration and sign a contract in the near future for the construction of a gas pipeline with a capacity of 50 billion cubic meters of gas through the territory of Mongolia. There are other new projects as well," he said.
  • The pipeline, if fully utilised, would nearly replace all the lost gas flows towards Europe via Nord Stream.
  • Progress towards the pipeline have progressed slowly and more positive comments have typically emerged from the Russian side rather than China which holds the bargaining power.
  • China has been reported to be holding out for deep discounts to consider the project, knowing Russia has few other options for the volumes.