Beijing branded itself as a 'near-Arctic state' and its far-stretched claim on the area is highly dependent on its partnership with Russia.
In a $400 billion deal signed in 2014, the 3,000 km long "Power of Siberia" pipeline stretches from Russia's Siberian fields to China's historically coal-burning northeast.
That region is an attractive market for Russia, as it "has low affordability for high-priced gas" compared with regions farther south which already have "well-established gas markets" with a diverse supply mix, IHS Markit said in a Monday report.
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