President Putin inaugurates key natural gas field in Siberia to increase exports to China

Moscow: President Vladimir Putin on Wednesday inaugurated the Kovykta natural gas field in eastern Siberia that will allow Russia to increase its exports to China amid soaring tensions between Moscow and the West. “We are launching the unique Kovykta gas field, the largest in Eastern Siberia. Its recoverable reserves are 1.8 trillion cubic metres of gas,” Putin said during a televised ceremony, taking part by video-link. He said the launch of the field will “give a serious boost to the socio-economic development” of Russia’s eastern regions. “The Kovykta gas field has been put into service,” said the CEO of Russian energy giant Gazprom, Alexei Miller, after Putin gave the green light for the inauguration. Bringing Kovykta into production comes as Russian gas exports to Europe decreased following soaring tensions since the beginning of Moscow’s offensive in Ukraine. Russia does not have pipelines to transport gas from its Western Siberian and Arctic gas fields that have served Europe to China – but around a decade ago began efforts to develop new fields and build the Power of Siberia pipeline to deliver to the rapidly expanding market. The first Power of Siberia pipeline went into operation and began to ship gas from eastern Siberia to China at the end of 2019. Moscow plans to build a Power of Siberia 2 pipeline, yet another sign that Russia is looking to China in the face of Western sanctions. Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.