The Western press isn't saying much about it, but this week Europe lost a cheap energy supply that has helped maintain their prosperity for fifty years. On Tuesday, Russia and China signed a legally binding agreement to build a pipeline (called "Power of Siberia 2") to carry natural gas directly to China ... cheap NG that has been sent to Europe for half a century.
Quoted: "the Power of Siberia 2 pipeline — a roughly 2,600-km line, at an estimated cost of around $13.6 bn, that will carry 50 billion cubic meters (bcm) of natural gas every year through Mongolia into northern China's industrial heartland".
The pipeline is intended to redirect gas from Russia's Yamal fields in the Arctic that was once carried by the Nord Stream 1 pipeline directly into Germany. In the future, that NG will be redirected eastward.
This is more than a simple energy deal. It is a strategic redirection of Russia's energy supplies away from Europe. Who is to blame for that (I wonder)?
Charles
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