China and Russia sign $400bn gas deal

China and Russia have signed a long-
awaited natural gas supply deal,
which would see Moscow supply 38
billion cubic metres (bcm) of gas to
Beijing each year for 30 years under
a contract valued in excess of
$400bn overall.
The gas will be transported along a
new pipeline linking Siberian gas
fields to China’s main consumption
centres near its coastline.
Russian President Vladimir Putin and
his Chinese counterpart Xi Jinping
witnessed the deal in Shanghai
between Russian state-controlled
company Gazprom and China National
Petroleum Corp (CNPC).
Gazprom declined to disclose what
price was agreed, a key hurdle in
talks that have dragged on for more
than a decade, the Reuters news
agency reported on Wednesday.
Symbolically, for Putin the agreement
represents a major triumph as he
seeks to forge new partnerships in
Asia while customers in Europe
attempt to reduce their reliance on
Russian gas in the wake of the crisis
in Ukraine.
But from a commercial point of view,
much will depend on the price and
other terms of the deal.
Shares in Gazprom rose almost two
percent in reaction to the
announcement of the deal

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