Latest news with #PowerofSiberia2
Yahoo
07-05-2025
- Business
- Yahoo
Putin, Xi to discuss delayed 'Power of Siberia 2' pipeline during Victory Day celebrations, Bloomberg reports
Presidents Vladimir Putin and Xi Jinping will discuss a long-delayed gas pipeline linking Russia and China when they meet in Moscow this week for Russia's Victory Day celebrations, Bloomberg reported on May 7. Construction of the pipeline, referred to as Power of Siberia 2, was scheduled to begin in 2024, but has been plagued with construction issues and diplomatic tussles. The proposed pipeline would strengthen Russia's ability to export gas to China, which is increasingly important for Russia as Europe declares its goal to fully sever the European Union's energy dependence on Moscow by 2027. The Power of Siberia 2 pipeline would give Moscow the ability to export 50 billion cubic meters a year, and give China the advantage of cheaper LNG imports. If completed, the 3,550-kilometer pipeline would connect Russia's Yamal Peninsula through Mongolia to China. But in January 2024, Mongolian Prime Minister Luvsannamsrain Oyun-Erdene said Russia and China had not agreed on key details and that construction would be delayed. In June it was reported that talks between Russia and China had reached a dead end as Beijing sought to exhort tough conditions on price and supply levels. According to Bloomberg, the economic strains being felt currently by both countries may be forcing them to settle their differences and move the project forward. Xi is one of 29 world leaders set to attend the Victory Day parade on May 7, according to the Kremlin, which added he would be there to "sign a number of bilateral inter-governmental and inter-departmental documents" to strengthen Chinese-Russian relations. Read also: Ukraine ramps up drone strikes on Moscow as Russian-friendly leaders set to attend Victory Day parade We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Yahoo
07-05-2025
- Business
- Yahoo
Russia, China to discuss energy cooperation and proposed Power of Siberia 2 gas pipeline
In an upcoming official visit, Russian President Vladimir Putin and Chinese President Xi Jinping are set to deliberate on a series of critical topics including the proposed Power of Siberia 2 gas pipeline. Kremlin aide Yuri Ushakov confirmed the discussion agenda on Tuesday, highlighting energy cooperation as a key point of interest, reported Reuters. The talks come as President Xi embarks on a four-day visit to Moscow, joining other global leaders to commemorate the 80th anniversary of Nazi Germany's defeat. Ushakov, addressing the media, acknowledged Russia's status as China's primary oil and gas provider and confirmed that the Power of Siberia 2 pipeline would be a subject of negotiation. The proposed pipeline, which would traverse Mongolia, has taken on new significance as Russia seeks to pivot from Europe to China for its gas exports. The 2,600km pipeline is designed to transport up to 50 billion cubic metres (bcm) of gas annually, a capacity comparable to the now-defunct Nord Stream 1 pipeline that once connected Russia and Germany. This development occurs amidst the EU's declaration to cease reliance on Russian energy, aiming to halt the import of Russian oil and gas, and phase out nuclear energy within the bloc. The European Commission unveiled the REPowerEU Roadmap, outlining a strategy to achieve complete energy independence from Russia. The plan involves a phased exclusion of Russian oil, gas and nuclear energy from EU markets, ensuring stable energy supply and price stability across member states. The commission is coordinating with EU nations to implement a gradual and secure phase-out of Russian energy imports, with member states expected to submit national plans by year's end. The EU aims to cut Russian gas imports by one-third by the end of the current year and completely stop Russian gas imports by the end of 2027, including the prevention of new gas contracts and termination of existing spot contracts by the end of 2025. Additionally, the commission is set to introduce measures targeting Russia's "shadow fleet", which is involved in oil transportation, as part of a broader effort to diminish the EU's energy dependency on Russia. "Russia, China to discuss energy cooperation and proposed Power of Siberia 2 gas pipeline" was originally created and published by Offshore Technology, a GlobalData owned brand.
South China Morning Post
07-03-2025
- Business
- South China Morning Post
Mongolia still expects new Russia-China gas pipeline to go ahead
Mongolia still expects the Power of Siberia 2 project – a major new gas pipeline connecting Russia and China – to go ahead despite a turbulent geopolitical situation that could lead to a realignment in relations between Beijing, Moscow and Washington. Advertisement The pipeline, if completed, would divert 50 billion cubic metres (1.8 trillion cubic feet) of Russian natural gas per year that previously supplied Europe to China via Mongolia. But speculation has been growing in recent months that progress on the project has stalled, with analysts arguing that China is reluctant to increase its dependence on Russian energy imports. Power of Siberia 2 was omitted from the Mongolian government's 2024-28 work programme, and Chinese and Russian officials have provided few recent updates on the project. Yet, Mongolia's first deputy prime minister, Gantumur Luvsannyam, insisted that negotiations over the pipeline were proceeding and that the talks were making progress. If China and Russia reach a deal and start building the pipeline, we are ready to cooperate and accelerate the project Gantumur Luvsannyam, Mongolian minister 'The reason why it's not included in the action programme of the government of Mongolia is because it is an issue that cannot be decided one-sidedly by [the Mongolian cabinet],' Luvsannyam, who also serves as Mongolia's minister of economy, told the Post in an interview.
Yahoo
18-02-2025
- Business
- Yahoo
Mongolia to increase coal exports to China to 100mt in 2025
Mongolia intends to bolster its coal exports to China by nearly one-fifth this year to deepen energy ties with its resource-dependent neighbour. Mongolian Prime Minister Oyun-Erdene Luvsannamsrai announced that the country expects exports of the steel and power-producing fuel to increase to 100 million tonnes (mt) this year, reported Bloomberg. This forecast follows a recent agreement between the two countries to establish a new cross-border rail link, which is expected to augment capacity by 30mt. The new railway link is one of several connections that Oyun-Erdene hopes to develop to eventually increase Mongolia's coal export capacity to China to 165mt, almost double the figure (nearly 84mt) exported last year. The Prime Minister also expressed an interest in collaborating with China and other nations on various energy sectors including green power generation, hydrogen production and natural gas transit. In addition to expanding rail infrastructure, the Mongolian Government is advocating for trilateral discussions with China and Russia concerning the Power of Siberia 2 pipeline. Mongolia also seeks to capitalise on its coal reserves by venturing into hydrogen production, a potential future fuel for heavy industries such as steelmaking. The country has been in discussions with Middle Eastern countries about the potential export of its hydrogen to them, Oyun-Erdene revealed. Despite a struggling steel industry and generally flattening demand for coal in China, Mongolia is strategically positioned to maintain or even expand its market share, particularly as Russian supplies have become more costly. 'Mongolia has vast land capable of producing energy. We can sell the energy to China and also other Asian superpowers,' Oyun-Erdene said. "Mongolia to increase coal exports to China to 100mt in 2025" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
18-02-2025
- Business
- Yahoo
Mongolia Aims to Lift Chinese Coal Sales to 100 Million Tons
(Bloomberg) -- Mongolia is aiming to increase its coal exports to China by almost a fifth this year, as it seeks to expand energy cooperation with its resource-hungry neighbor. Why Barcelona Bought the Building That Symbolizes Its Housing Crisis Progressive Portland Plots a Comeback A Filmmaker's Surreal Journey Into His Own Private Winnipeg Por qué Barcelona compró el edificio que simboliza su crisis inmobiliaria How to Build a Neurodiverse City The central Asian nation forecasts that exports of the power and steelmaking fuel will rise to 100 million tons in 2025, Mongolian Prime Minister Oyun-Erdene Luvsannamsrai said in an interview on Monday. The two nations reached a deal on Friday for a new cross-border rail link that will increase capacity by 30 million tons. It's one of several rail connections Oyun-Erdene is hoping to create, eventually boosting the nation's coal export capacity to China to 165 million tons, nearly double the almost 84 million tons it sent last year. He also wants to cooperate with China and other nations across energy sectors, from green power generation to hydrogen production and natural gas transit. 'Mongolia has vast land capable of producing energy,' Oyun-Erdene said. 'We can sell the energy to China and also other Asian superpowers.' China posted record coal imports last year, which were driven by big increases from Australia and Mongolia, with the latter accounting for 60% of its southern neighbor's coking coal imports for steelmaking. Although China's steel industry is struggling and its demand for coal generally is flattening, Mongolia is well placed to hold or even grow its market share at the expense of supplies from Russia, which have become increasingly expensive. Trilateral Talks Mongolia's government also plans to push for trilateral negotiations with China and Russia over the Power of Siberia 2 pipeline, a massive proposed natural gas conduit that has stalled over price negotiations. Mongolia is ready to move forward with it if an agreement can ever be reached, Oyun-Erdene said. The Mongolian Prime Minister has proposed to Chinese Premier Li Qiang to host a trilateral meeting in Ulaanbaatar to push the gas deal after talking to President Vladimir Putin. 'The Mongolian government is ready to sign the agreement and move forward with this project when the purchase agreement is concluded between' Russian and Chinese state-owned firms, he said. The nation also wants to use its coal reserves to produce hydrogen, which has been touted as a fuel of the future for heavy industries like steelmaking. Oyun-Erdene said Mongolia has been in talks with countries in the Middle East about potentially exporting its hydrogen to them. On the Wire BHP Group Ltd. said first-half profit slumped 23% as China's faltering economy dampened demand for iron ore, prompting the miner to cut its interim dividend to an eight-year low. China's aluminum prices may rebound in the coming month to a range of 20,250-20,500 yuan a ton on demand resumption following Lunar New Year, according to Bloomberg Intelligence. Chinese President Xi Jinping presided over a meeting with Alibaba co-founder Jack Ma and other prominent entrepreneurs on Monday, signaling Beijing's endorsement for a long-marginalized private sector now considered key to reviving the world's No. 2 economy. This Week's Diary (All times Beijing unless noted.) Tuesday, Feb. 18: Nothing major scheduled Wednesday, Feb. 19: China's home prices for January, 09:30 CSIA's weekly polysilicon price assessment CCTD's weekly online briefing on Chinese coal, 15:00 Thursday, Feb. 20: China sets monthly loan prime rates, 09:00 CSIA's weekly solar wafer price assessment Friday, Jan. 21: China's weekly iron ore port stockpiles Shanghai exchange weekly commodities inventory, ~15:30 (Updates with China's record coal imports from fifth paragraph) The Undocumented Workers Who Helped Build Elon Musk's Texas Gigafactory The Unicorn Boom Is Over, and Startups Are Getting Desperate Japan Perfected 7-Eleven. Why Can't the US Get It Right? The NBA Has Fallen Into an Efficiency Trap How Silicon Valley Swung From Obama to Trump ©2025 Bloomberg L.P. Sign in to access your portfolio
