Alex Christoforou
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of this site. This site does not give financial, investment or medical advice.
The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris discuss the historic day when Russia and China become inseparable, forming a massive Eurasian energy bond, with the commencement of natural gas delivery via the Power of Siberia pipeline, projected to deliver 38 billion cubic meters of natural gas annually by 2024 from Russia to China.
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GAME OVER: Power of Siberia starts natural gas transit from Russia to China by The Duran
The Duran Quick Take: Episode 392. The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris discuss the historic day when Russia and China become inseparable, forming a massive Eurasian energy bond, with the commencement of natural gas delivery via the Power of Siberia pipeline, projected to deliver 38 billion cubic meters of natural gas annually by 2024 from Russia to China.
Russia switched on an enormous gas pipeline to China worth billions of dollars Monday, affirming increasingly close economic and political ties between the two countries.
Named the “Power of Siberia,” the pipeline runs more than 8,100 kilometers (5,000 miles) across the two countries, according to Chinese state-run news agency Xinhua, and will deliver 38 billion cubic meters of natural gas annually by 2024. It will be operated by Russia’s state-owned company Gazprom.
Chinese President Xi Jinping and Russian leader Vladimir Putin watched via video link as the pipeline was inaugurated, before congratulating each other on an historic moment.
“That step brings the Russian-Chinese strategic partnership in the energy sector to a whole new level,” Putin said in a statement to news agency TASS.
TASS said that deliveries had started flowing through the pipeline as of Monday, although the amount will start small and then ramp up over the years.
Gazprom CEO Alexei Miller announced to both leaders that the pipeline had been opened via video link. “Gas is flowing to the gas transmission system of the People’s Republic of China,” he said.
A 30-year deal was signed by Putin and Xi in 2014, and while a final figure has not been announced, it is believed to be worth more than $400 billion
According to analysts at S&P Global Platts, total sales through the pipeline will represent nearly 10% of China’s entire gas supply by 2022, and will help to solidify Beijing’s energy security.
China has been trying to move away from coal and toward alternative forms of power in the past few years, as the country tackles a severe air pollution problem and growing concerns about its carbon emissions.
In April, US oil giant ExxonMobil announced a 20-year agreement to supply China with liquified natural gas. Meanwhile, China is expected to overtake the European Union as early as 2021 as the world leader in use of solar panels.
Multiple Chinese state media publications trumpeted on Tuesday that the country now had access to a greater amount of “clean energy,” compared to previous heavy use of coal. According to Xinhua, natural gas is expected to provide 15% of China’s energy mix by 2030.
‘Deep friendship’
The agreement was struck shortly after European countries began to look at reducing their reliance on Russian gas following Moscow’s annexation of parts of Ukraine in February 2014.
Ties between Beijing and Moscow have grown increasingly close under Xi’s leadership of China, with Putin saying in June that relations had reached an “unprecedented level.”
This year marks 70 years since diplomatic ties were established between Beijing and Moscow, following the founding of the People’s Republic of China in 1949. But relations between the two neighboring countries have often been tense, even when both were run by communist governments.
Under Xi and Putin, trade turnover between the two countries has soared by nearly 30% to a record $107.06 billion in 2018, according to China’s General Administration of Customs.
The two men have even publicly formed a very strong bond, with Putin describing Xi earlier this year as his “best and bosom friend” with whom he had a “deep friendship.”
Both countries have a clear motivation to strengthen economic and political ties in the face of an increasingly chilly diplomatic reception in Washington.
“Against the international backdrop that the US continues to contain China by even sacrificing its own interests, China supporting Russia is supporting itself,” Wang Yiwei, director of China’s Institute of International Affairs at Renmin University, said on Tuesday in the state-run tabloid Global Times.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of this site. This site does not give financial, investment or medical advice.
Was Ukraine complaining that they didn’t use Ukrainian pipe? They’ll probably sue over that one too.
Good luck to them. Bed has been made and as the country tanks the more Russia will have on them. Bring a pipe to Crimea and the Donbass/Lugansk regions while making a deal with Belarus. This will rub Kiev such the wrong way that something will change.
This is good news if you live in Russia or China.
The trade value between Russia and China is very small, given their total population levels. But as they say… small steps complete the journey.
I’m not underestimating the stupidity or culpability of Obama/Clinton in the trend of Russia/China relations but this goes back much further and is arguably bipartisan. There are periods of greater than average stupidity (and hubris) in American/West dealings with Russia/China. Obama was one exceptional period. I would argue that the 90’s Clinton era was as great if not greater. Bush the Elder probably would have been if he had been reelected as well. Who knows? I remember one post on a site right after or during the Yugoslav “adventure” where it was said “You can’t trust the west. My advice… Read more »
What stupidity are you referring to? You mean Western governments screwing over the working class by allowing their manufacturing base and all the high paying jobs to be moved to China? You mean giving Chinese goods free access to Western markets, even though China didn’t reciprocate? It’s not stupidity, it’s betrayal. All the republicans who are now praising Trump were criticizing his desire to have a trade war with China before Trump became president. It’s opportunism plain and simple without any long term game plan.
Semantics sir. Semantics. Betrayal requires forethought, but there is valid argument for shortsightedness and institutionalised ignorance. I suspect a hubris in Trump and daggers from those behind him.
pretty much what I was going to reply. Thanks.
You’re telling me they got filthy rich and tons of perks out of shortsightedness and ignorance? If someone proposed a get rich quick scheme to you for the price of betraying your constituency, with total legal protection, you would have done the same thing. You would have sold out.
Calm youself Barbell. Trump is an intelligent man but he is no politician. When it comes to diplomacy or recognition of anything outside of business he comes across as sorely lacking. More over there are a team of people behind every leader and a question must be asked as to what info they are feeding the leader. I agree ignorance is no excuse, but to take pot shots at the guy in front isn’t always wise. It’s those that come after that prove more willing and dangerous.
Trump isn’t exceptionalist by choice imo, but exceptionalist by chance. Some of his actions suggest something more tactical than divine right s would be reminisant of the Democrats of old. https://www.google.com/search?sxsrf=ACYBGNRDPcw5rpVOZxbRmSCmoTA_LeR4iQ%3A1575486137464&source=hp&ei=uQLoXYalGdGDsAf00oqABQ&q=president+wilson&oq=President+wils&gs_l=psy-ab.1.0.0i131j0l9.608.6535..11360…1.0..0.257.1506.10j2j2……0….1..gws-wiz…….35i39j0i70i251.pZp1APZvEWU American Exceptionalism was something heavily promoted in the modern era by Woodrow Willson. A believer of manefest destiny and the moral suoeriority of the US. His opposition was Theodore Rossevelte who was less a divine right but show of might character. One who would kick your a*ss then shake your hand, while Willson would cut you up, spit you out and sh*t on your remains for not being American.… Read more »
Bravo China – Bravo Russia!
I am glad that the launch of the Power of Siberia gas pipeline will bring energy cooperation between Moscow and Beijing closer to a bilateral trade turnover of $200 billion in 2024.
Another area of cooperation is the building of nuclear power plants by Russia in China. These are also multi-billion dollar deals.