MOSCOW, January 25. /TASS/. Russia has completed technical and economic analysis of the construction of the Power of Siberia 2 gas pipeline to China and determined its resource base, Russian Deputy Prime Minister Alexander Novak wrote in his article for the Energy Policy magazine. At the same time, the construction time frame will be determined after the signing of binding agreements with China.

"A technical and economic analysis of construction has been carried out on the promising gas pipeline Power of Siberia 2, during which its resource base and preliminary technological parameters have been determined. The timing of the construction of the gas pipeline and its main technical and economic figures will be finalized after binding agreements with Chinese partners are signed," he said.

At the end of December 2023, Novak reported that final agreement on economic and commercial conditions for the implementation of the Power of Siberia 2 project between Gazprom and the Chinese CNPC was underway. Design and survey work is also underway to lay the Power of Siberia 2 section through the territory of Mongolia.

Novak also noted that Russia is rapidly increasing gas exports to China via the Power of Siberia pipeline. "The reorientation of Russian gas exports to new markets continues, with a focus on strengthening cooperation with Asia-Pacific countries. We are rapidly increasing gas exports to China via the Power of Siberia pipeline, the Far Eastern route project with a capacity of 10 bln cubic meters of gas per year is being implemented, and the Power of Siberia 2 gas pipeline project through Mongolia with a capacity of 50 bln cubic meters of gas per year is also in the works," he stated.

At the same time, in order to accelerate construction of new transportation infrastructure facilities, the Russian government has simplified the procedures for approving a portion of the work in the design and construction of major gas and oil pipelines, according to the Deputy Prime Minister.

Gazprom reported earlier that in 2023, it would increase gas supplies to China via the Power of Siberia 1.5-fold to 22.7 bln cubic meters, which is 700 mln cubic meters more than contractual requirements.

The Power of Siberia gas pipeline is anticipated to reach its intended capacity of 38 bln cubic meters by 2025. Furthermore, Gazprom's total export volume to China will reach 48 bln cubic meters per year in the coming years due to the implementation of a project for gas supplies to China along the Far Eastern route, and nearly 100 bln cubic meters per year including the transit gas pipeline through Mongolia, according to Gazprom CEO Alexey Miller.

At the same time, Miller later stated that China is considering boosting Russian gas supplies through the Power of Siberia above the design capacity of 38 bln cubic meters, and that such an agreement may be concluded soon.