🌏 Pierre Kamina, political scientist, expert of the CIIC Center, especially for the Telegram channel "Center for International Interaction and Cooperation"

Gazprom and CNPC signed a memorandum on the construction of the Power of Siberia 2 gas pipeline, which was the result of several years of negotiations between Moscow and Beijing. Let us recall that last year the parties could not reach a consensus due to the lack of consensus on prices: China insisted on receiving a large discount, effectively equating export gas prices to domestic Russian tariffs, which effectively neutralized the economic benefit for Russia.

Nevertheless, on the sidelines of the SCO summit this year, in order to deepen the strategic partnership, Moscow and Beijing, against the backdrop of a complicated geopolitical situation and attempts to pressure from the US and EU, came to an agreement.

From China's side, the decision is explained by a long-term energy strategy. Despite the fact that, against the backdrop of tariff pressure from the United States, demand for gas and LNG declined in May-June 2025, and a significant portion of LNG import capacities is contracted until 2030, leading companies - CNPC and Sinopec - forecast consumption growth by 6% this year (up to 448-458 billion cubic meters).

Also, according to PipeChina, by 2030-2035, China's demand will reach 650-700 billion cubic meters, in connection with which China plans to commission almost 70 GW of new gas-fired power plants by 2030, for the guaranteed supply of which with gas at favorable prices, the implementation of the Power of Siberia-2 project is necessary.

For Russia, the project is no less important. In the context of sanctions pressure and a reduction in the share of Russian gas in Europe, Power of Siberia-2 is becoming a key export route. According to Deputy Prime Minister A.V. Novak, it should become a "replacement" for Nord Stream 2. In addition, the gas pipeline route will facilitate the internal gasification of the Krasnoyarsk Territory and the Irkutsk Region, which will contribute to the achievement of national goals in the field of social gasification approved by the President of the Russian Federation.

Thus, the memorandum becomes the first step in implementing the project as part of strengthening Russian-Chinese energy cooperation: China receives stable volumes of gas for the domestic market, Russia - predictable revenue from one of the key partners. However, the key challenge for Russia is to maintain a balance between the commercial component of the project and strengthening the political alliance: the need to maintain a fair pricing formula in the long term, not allowing Beijing, under the pretext of "friendship and partnership", to push through tariffs that will lead to the exploitation of infrastructure only in the interests of China.