Power of Siberia - 2 new gas pipeline to link Russia, China and Mongolia

The memorandum on construction of the Power of Siberia 2 gas pipeline was signed today, Gazprom CEO Alexey Miller said.

"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 through Mongolia," Miller said.

The gas producer could ship as much as 50 billion cubic meters a year via the Power of Siberia 2.

The Gazprom CEO noted that the agreement on the Power of Siberia 2 gas pipeline is designed for 30 years. The price for the fuel will be lower than what Gazprom currently charges customers in Europe.

The document was signed on the basis of a statement made by the leaders of Russia, China and Mongolia, Vladimir Putin, Xi Jinping and Ukhnaagiin Khurelsukh. The heads of state held a trilateral meeting in Beijing on September 2.