Russian President Vladimir Putin has renamed the planned natural gas pipeline linking Russia and China from Power of Siberia 2 to Power of Baikal, as Moscow moves closer to launching one of its largest energy export projects.

Russian Energy Minister Sergey Tsivilyov announced the change during the Eastern Economic Forum in Vladivostok, saying preparations to begin construction have entered their final stage.

"We are in the final stage of preparations before moving to construction of the project formerly known as Power of Siberia 2. Thanks to Vladimir Vladimirovich Putin, the project is now called Power of Baikal," Tsivilyov said.

The minister did not indicate whether any aspect of the project other than its name had changed.

Strategic export route to China

The pipeline is expected to stretch about 2,600 kilometers, transporting natural gas from Russia's Yamal fields in the Arctic through Mongolia to northern China.

Designed to carry up to 50 billion cubic meters of gas annually, the project would significantly expand Russia's export capacity to China, complementing the existing Power of Siberia pipeline, which delivered approximately 38 billion cubic meters of gas to China last year.

The project has faced years of delays as Moscow and Beijing sought to resolve differences over pricing and commercial terms.

Russia shifts energy focus eastward

The proposed pipeline has become increasingly important as Russia seeks to redirect gas exports toward Asian markets following a sharp decline in deliveries to Europe after the Ukraine conflict and subsequent Western sanctions.

Russian officials have repeatedly described China as a key long-term energy partner, while negotiations over the project have continued despite unresolved pricing issues.

Earlier, Putin suggested that gas supplied through the pipeline could be priced using a market-based formula similar to mechanisms previously applied in Russia's gas trade with Europe.

The project, first proposed several years ago, is widely regarded as one of the most significant elements of Russia's strategy to deepen energy cooperation with China and reduce its dependence on European export markets.(ILKHA)