Xi, Putin meet in Beijing; Russia-China sign mega gas deal
What's the story
President of the People's Republic of China, Xi Jinping, and Russian Federation President Vladimir Putin held a formal bilateral meeting in Beijing at the Great Hall of the People on Tuesday. This meeting followed a two-day summit in Tianjin, where both leaders showcased their close rapport. Xi and Putin also held a trilateral discussion with Mongolian President Ukhnaagiin Khurelsukh on Tuesday, with the aim of developing political and economic ties.
Diplomatic discussions
Gas deal signed
Following the meeting, Russia's state-owned energy corporation Gazprom announced the signing of a legally binding agreement for the building of the Power of Siberia-2 gas pipeline. The pipeline, which would transport 50 billion cubic meters of gas per year from western Russia to northern China, is a project that Moscow has long wished to complete. Analysts previously stated that it could offset approximately half of Russia's gas export losses to Europe since the start of the Ukraine war.
Details
Agreed to increase supplies to 44 billion cubic meters
According to Russian news agency RIA, Gazprom CEO Alexei Miller and China's CNPC have agreed to increase supplies to 44 billion cubic meters (bcm) per year from 38 bcm. In addition, they agreed to expand gas supply via the Far Eastern route from 10 to 12 bcm. Miller also stated that a legally binding memorandum has been signed for the construction of the Power of Siberia 2 pipeline to China and the Soyuz Vostok transit gas pipeline via Mongolia.
Visit significance
Putin's longest visit to a single country since 2022
Putin's visit to China is his longest to a single country since Russia's invasion of Ukraine in 2022. The Russian president will also attend a military parade in Beijing on Wednesday, where he will meet North Korean leader Kim Jong-un. In 2024, China imported a record 108.5 million metric tons (109 million tonnes) of crude oil from Russia. This made China the largest buyer of Russian oil.