Gazprom is preparing to sign an "important" gas agreement with China during Putin's visit

Kremlin foreign policy chief Yuri Ushakov announced on Friday that the Russian company Gazprom will sign an "important" agreement with the China National Petroleum Corporation (CNPC) next week during President Vladimir Putin's visit to China, as part of enhancing energy cooperation between the two countries.

Ushakov explained that the agreement will include three documents related to Gazprom, without disclosing their details, amid expectations that it will include expanding Russian gas exports to China, especially through the "Power of Siberia 1" pipeline that began operations in 2019.

This step comes as Moscow seeks to compensate for its losses in European markets due to Western sanctions imposed because of the war in Ukraine, by strengthening its presence in the Asian market.

According to industrial sources, China is looking to increase its imports of Russian gas through the existing pipeline, after talks on establishing a second pipeline stalled, despite Russian ambitions to expand the supply network.

The "Power of Siberia 1" pipeline is expected to reach its maximum annual capacity of 38 billion cubic meters this year, enhancing Russia's position as a major energy supplier in Asia.