Russia's state gas company has signed a deal to build the 3,000-kilometer Power of Siberia 2 pipeline, designed to deliver about 50 billion cubic meters of gas a year from southern Russia through Mongolia to northeast China. Gazprom’s CEO called it the world’s largest and most capital-intensive gas project, and officials said the gas would be supplied to China at cheaper rates than for European customers. The announcement follows bilateral talks between Chinese President Xi Jinping and Russian President Vladimir Putin in Beijing.