Power of Siberia 2 is no replacement for pipelines to Europe
After the West and its allies imposed sanctions on Russia for invading Ukraine, President Putin announced a radical rehaul of the country’s development strategy, with a pivot towards Asia. For now, though, Russia is stuck with a gas pipeline system built to supply Europe. If a resolution to the European gas crisis is not reached, then a lot of Russian gas may remain in the ground.
What you will learn:
- Re-routing gas from Russia’s Western Siberia gas fields towards China is a colossal task.
- The construction of Power of Siberia 2, which is projected to be commissioned in 2030, has yet to begin, and it remains unclear how it will be financed.
- Yet, even when Power of Siberia 2 is completed, its combined maximum export capacity with Power of Siberia 1, already in operation, will be well below that of the pipelines connecting Russia with the EU.
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