In a major geopolitical and energy shift, Russian President Vladimir Putin and Chinese President Xi Jinping announced a deal to build the “Power of Siberia-2” pipeline, delivering 50 bcm of gas annually via Mongolia to China. Putin, while addressing a Press Conference in Beijing said that through the pipeline supply of gas & energy to China will be at half the rates to those at which supply is made to EU Nations. The deal cements China as Russia’s top energy buyer after Europe cut reliance, bolstering Moscow’s war economy and stunning the West.
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00:00And energy demands are growing, and that includes the Chinese economy, which is still one of the locomotives of global economic development. Over 5% growth. And that growth is from a good baseline.
00:21And even though there had been a small reduction, the 5% that we're seeing now is better than the 5% that we saw some years ago.
00:36And we're seeing increased demand for energy resources.
00:41Now we finally have a consensus among the parties that have been engaged in the talks, and it's not charity from either side.
00:53We're talking about mutually beneficial agreements based on market principles, and those market principles are relevant in this specific region.
01:06And the energy prices involved are shaped not based on the prices of today, but rather on a specific formula that is calculated based on objective factors and market considerations.
01:26So there is objective demand, there are concrete capabilities and supply capacities, and there had been years of work from both sides and from various economic actors.
01:43And of course it will bring economic advantage and competitive advantages to our Chinese friends because they will receive the product at a weighted and balanced market price, not at an increased premium price like we're seeing in Europe.
02:03And it's also reliability of supply, and everyone is satisfied with that.
02:12And Gazprom is a leading company, it's now expanding to new markets.
02:20We'll have 50 billion through Mongolia, now we have 38, and then we'll have a couple of additional routes, all to expand the total volume.
02:31And all in all it will be over 100 billion cubic meters.
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