Russian President Vladimir Putin has renamed the “Power of Siberia 2” gas pipeline project to “Power of Baikal,” Energy Minister Sergey Tsivilyov said on Wednesday.

Speaking at the 11th Eastern Economic Forum in Vladivostok, Tsivilyov said Russia was in the final stages of preparations to begin construction of the pipeline, The Caspian Post reports, citing Anadolu Agency.

“The project was previously called ‘Power of Siberia 2,’ but thanks to Vladimir Vladimirovich (Putin), it was renamed more accurately as ‘Power of Baikal,’” Tsivilyov said.

The proposed pipeline is expected to transport 50 billion cubic meters of natural gas annually from Russia to China via Mongolia.

Tsivilyov noted that the existing Power of Siberia pipeline is operating at full capacity, while gas infrastructure is being expanded across Russia’s Far East.

He also said the region’s gasification rate is twice the national average and that targets set by Putin are being fulfilled.

In September last year, Gazprom CEO Alexey Miller announced that Moscow and Beijing had signed a legally binding memorandum on the construction of the Power of Siberia 2 pipeline.