China says it remains ready to cooperatively pursue the Power of Siberia-2 gas pipeline project with Russia, even amid reports that negotiations over the major energy deal have stalled.<\/p>\n
When asked about the apparent impasse, Chinese Foreign Ministry spokesperson Mao Ning told reporters Monday that deepened integration of interests and achieving mutual success is a consensus reached between the two countries\u2019 leaders.<\/p>\n
The comments come after the Financial Times reported that talks between Russia and China have reached a deadlock over Beijing\u2019s demands for rock-bottom pricing and strict annual supply volumes for the pipeline\u2019s natural gas deliveries.<\/p>\n
The Power of Siberia-2 pipeline is a proposed second major gas route Russia hopes will reroute supplies to China that were previously sent to Europe before sanctions over Moscow\u2019s Ukraine invasion severely curtailed those exports.<\/p>\n
However, with Russia increasingly isolated and desperate for energy market alternatives, China appears set on negotiating very favourable terms for the 30-year pipeline deal estimated at over $100 billion.<\/p>\n
Gazprom, Russia\u2019s state-owned energy giant, has seen its profits plummet by over 40% through the first quarter amid declining European sales and other pressures. The Power of Siberia-2 is viewed as crucial for shoring up its position and boosting export volumes to Asia.<\/p>\n
Russia has already pivoted export infrastructure toward China through the operational Power of Siberia pipeline, which began sending gas east in 2019 under a $400 billion deal struck four years earlier.<\/p>\n
Despite their professed \u201cno limits\u201d partnership, major differences in negotiating leverage have emerged, dampening hopes the Power of Siberia-2 can be finalized soon. China\u2019s latest rhetoric suggests it aims to keep Russia waiting for more concessions for the massively expensive project to proceed.<\/p>\n","protected":false},"excerpt":{"rendered":"
When asked about the apparent impasse, Chinese Foreign Ministry spokesperson Mao Ning told reporters Monday that deepened integration of interests and achieving mutual success is a consensus reached between the two countries leaders.<\/p>\n","protected":false},"author":406,"featured_media":18976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[3251,443,175,352,11295,446,281,78,11209],"class_list":["post-18975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-russia","tag-asia","tag-beijing","tag-china","tag-europe","tag-gazprom","tag-mao-ning","tag-moscow","tag-russia","tag-siberia"],"reading_time":"2 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/posts\/18975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/users\/406"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/comments?post=18975"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/posts\/18975\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/media\/18976"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/media?parent=18975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/categories?post=18975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/tags?post=18975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}