News:Chinese President and Russian President have inaugurated the “Power of Siberia” gas pipeline.
About the Gas Pipeline:
- Power of Serbia is the first cross-border gas pipeline between Russia and China.
- The central aim of this gas pipeline is to pump natural gas to China and Russia’s far-east regions.
- Under this pipeline project,Russia will deliver 1 trillion cubic meters of natural gas to China over the next 30 years.
- From Siberia to China’s Yangtze River delta in Shanghai, the massive pipeline will cover 8,000 km with 5,111 km inside China passing through nine provinces and municipalities.
Significance of the project:
- The new gas production centers in eastern Russia is expected to provide additional opportunities for the acceleration of socio-economic development in eastern regions primarily through gas grid expansion.
- For China, the significance of the pipeline project is that it will feed its industries which are mostly situated in the north.
- The project will also allow China to move away from coal to cleaner alternatives as the pipeline supply will help secure its demand for energy security.
Indian and Russian Partnership in Oil sector:
- India and Russia have signed a five-year road map for cooperation in the energy sector comprising joint development of oil and gas fields in Russia and India including offshore fields.
- Indian has also planned to expand investments in Russian oil refining projects due to political tension in the Middle East that is affecting energy supplies.
- Indian companies have invested more than $10 billion in major Russian oil projects.