On Friday, Russia signed a 30-year deal to supply gas to China, strengthening the energy alliance between the two countries. President Putin met with his counterpart Xi Jinping, promising to increase trade exports from the Russian Far East region to China. The meeting took place while the Russian president was on a visit to China for the 2022 Winter Olympics.
With this new deal, Russia aims to increase its gas supply to China by 10 billion cubic metres per year, of a total supply of 48 billion cubic metres per year. The new project is estimated to be worth USD117.5 billion. Russian energy giant Gazprom has agreed to take part in the deal by supplying the gas to China National Petroleum Corporation. A statement released by Gazprom indicates the project is due to start in two to three years.
The Russian president expressed appreciation for the deal by saying that, "a step forward was made in the gas industry". Russia already supplies liquefied natural gas to China via the Power of Siberia pipeline. The deal will be denominated in Euros due to efforts by both countries to divert their foreign trade away from US dollars.

Have an opinion on this story? Share it!
Share this: 






This page is archived, and is no longer publicly editable.
Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.
Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.
Note that some listed sources or external links may no longer be available online due to age.
Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.
Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.
Russia and China sign major gas pipeline deal for 30 years