China and Russia to sign contracts over $ 400 billion

According to Bloomberg , Gazprom CEO – Alexey Miller signed with Chinese officials in Shanghai . The deal was completed in 2 days visit of Russian president – Vladimir Putin to the country .

Accordingly , Gazprom will supply China 38 billion m3 of gas per year for 30 years . The contract value was not disclosed. According to Reuters , the contract is valued over $ 400 billion .
China and Russia

China and Russia have reached an agreement for gas history . Photo: Reuters

European market is the largest importer of Russian gas to 160 billion m3 last year . However, after the relationship with Western Ukraine stress crisis , Russia was looking to China to boost the economy . China consumes about 170 billion m3 of gas in 2013 and expected to reach 420 billion m3 a year by 2020 .

This gas contract was signed after more than 10 years of negotiations for pricing disagreements . It will allow Gazprom to develop the giant gas field in eastern Siberia . The mine is located quite far from the current European market .

Before the visit , Russian Deputy Minister of Energy – Anatoly Yanovsky said gas supply contract for China ‘s Gazprom has completed 98 % . ” It is time for us to cooperate with China in this regard . This will probably be a long -term contract , ” the Russian prime minister – Dimitry Medvedev statement on 19/5 .

China and Russia to sign contracts over $ 400 billion
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