Vladivostok: Russian President Vladimir Putin has renamed the 'Power of Siberia 2' pipeline project to the 'Power of Baikal,' Energy Minister Sergey Tsivilyov announced on Wednesday. The announcement was made during the 11th Eastern Economic Forum held in Russia's Far Eastern port city of Vladivostok, where Tsivilyov revealed that the project was nearing the construction phase.

According to Anadolu Agency, the 'Power of Baikal' pipeline is intended to transport 50 billion cubic meters of natural gas annually from Russia to China via Mongolia. Tsivilyov highlighted that the existing Power of Siberia pipeline is already operating at full capacity, and efforts to enhance gas infrastructure throughout the Russian Far East are ongoing.

Tsivilyov noted that the gasification rate in the Far East is currently twice the Russian average, indicating that the targets set by Putin are being met. This progress comes after Gazprom CEO Alexey Miller's announcement in September last year about a legally binding memorandum for the construction of the Power of Siberia 2 pipeline.