What is the Power of Siberia 2 pipeline that Russia, China are planning?

At the Russia-China summit, Presidents Vladimir Putin and Xi Jinping announced an agreement on the Power of Siberia 2 pipeline project, which will transport Russian gas from western Siberia to China over 2,600 km. This pipeline, with a capacity of 50 billion cubic meters per year, aims to compensate for Russia's revenue losses due to reduced gas imports from European countries. For China, it represents a more secure alternative to imported liquefied natural gas.