Mongolia and China have agreed to step up joint work on a project to supply natural gas from Russia through Mongolian territory. This was reported in the press service of the Ministry of Industry and Mineral Resources of Mongolia following the visit of Minister Gongoryn Damdinyam to China.
During the visit, the minister met with representatives of the state-owned CNPC company. The parties agreed on cooperation on the transit of Russian gas through Mongolia and discussed an increase in imports of petroleum products from China, whereas now almost all imports, about 95%, come from Russia.
Earlier, Russia and China signed a legally binding memorandum on the construction of the Power of Siberia-2 gas pipeline and the Soyuz Vostok transit gas pipeline with a capacity of 50 billion cubic meters through Mongolia. According to the Minister of Energy of the Russian Federation Sergey Tsivilev, the terms and financial model of the project will be determined after the completion of the feasibility study, it is assumed that the financing scheme will be ready in 2026.
