BEIJING (dpa-AFX) - Russia's energy giant Gazprom has signed a memorandum on building a massive new pipeline to boost gas supplies to China, media outlets reported.
WSJ reported quoting Gazprom PJSC that it signed a legally binding agreement to build the 'Power of Siberia 2' gas pipeline to China via Mongolia and would expand deliveries through other existing pipelines.
The proposed pipeline has the potential to supply upto 50 billion cubic meters of gas annually at a competitive rate, according to Gazprom chief Executive Officer Alexey Miller, which will reportedly be less than what Gazprom currently sells to European countries.
The deal was inked after a meeting between Russian President Vladimir Putin and his Chinese and Mongolian counterparts Xi Jinping and Ukhnaagiin Khurelsukh in Beijing on Tuesday.
The move gains political relevance at a time US imposed 50 percent tariffs on goods imported from India for its continued dependence on oil from Russia.
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