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A pipeline that will carry fuel from Russia to China will be inaugurated in 2024, the Financial Times said.
The Power of Siberia 2 pipeline will allow the transport of fuel to the Mongolian territory of China.
Meanwhile, the European Union on Monday signed a new agreement with Azerbaijan.
A fuel pipeline between Russia and China will see the light of day in the next two years, the Financial Times reported on Monday, as the two allies deepen their economic and power ties.
Mongolian Prime Minister Oyun-Erdene Luvsannamsrai told the FT that the structure is expected to begin in 2024, despite Russia’s invasion of Ukraine, restricting some of the plans for the Power of Siberia 2 fuel pipeline.
The pipeline will cover 2,600 kilometers and is expected to enter service in 2030. Mongolia will also gain advantages from transit fees and taxes for an economy suffering from the effects of the coronavirus pandemic.
Russia’s fuel exports to China have been expanding since 2019, boosting flows is key for Moscow as Europe moves away from reliance on its supplies.
The former Power of Siberia pipeline was once a key source for Europe, however, Siberian fields will now redirect the fuel to China.
The news comes as the European Union on Monday signed a new fuel deal with Azerbaijan to double imports of herbal fuel by 2027 to at least 20 billion cubic meters.
“Today, with this new Memorandum of Understanding, we are opening a new bankruptcy in our energy cooperation with Azerbaijan, a key spouse in our efforts to move away from Russian fossil fuels,” European Commission President Ursula von der Leyen said.
Read the article on Business Insider