Russia, China strike up massive gasoline agreement
By Catholic Online (NEWS CONSORTIUM)
5/21/2014 (2 years ago)
Catholic Online (www.catholic.org)
It's a massive deal between the world's largest natural gas producer and world's largest natural gas consumer. The nation of Russia has reached a $400 billion deal to supply natural gas to China through a new pipeline over 30 years. It's being hailed as a milestone between the two world economic giants.
Russian President Vladimir Putin called it an "epochal event," Both countries are satisfied with the price, he said, signing the agreement in Shanghai.
LOS ANGELES, CA (Catholic Online) - President Vladimir Putin is looking to China in order to bolster Russia's economy. Relations between Russia and the United States and the European Union have faltered on account of the Ukrainian crisis.
The accord, signed after more than a decade of talks, will allow state-run gas producer OAO Gazprom, or GAZP to invest $55 billion developing giant gas fields in eastern Siberia and building the pipeline, Putin said.
Putin called it an "epochal event," Both countries are satisfied with the price, he said, signing the agreement in Shanghai.
Gazprom Chief Executive Officer Alexey Miller signed the deal with Zhou Jiping, chairman of China National Petroleum Corp. The agreement is for 38 billion cubic meters of gas annually over 30 years. It's estimated that the total value would be about $400 billion.
"This is the largest ever contract for Gazprom," Miller said. Supplies will start in four to six years, he said.
China may make as much as $25 billion in advance payments under the contract to invest in the necessary infrastructure, Russian Energy Minister Alexander Novak told reporters.
In return, Russia will invest $55 billion in the pipeline and the Siberian fields to feed it, Putin said. China will be responsible for a pipeline on its territory, will spend at least $20 billion, he said.
Russia and China will start talks on a second pipeline to the west of the initial route, Miller said.
Russian officials had said that previous to the agreement, the gas-supply agreement was closer than it had ever been. Talks, which started more than 10 years ago, repeatedly foundered on the issue of price.
"It's time we reached an agreement with the Chinese on this issue," Russian Prime Minister Dmitry Medvedev said in a Bloomberg Television interview. "It is very likely that there will be a contract, which means long-term contracts."
The price should be "fair and totally comparable to the price of European supplies," Medvedev said in the interview before Putin's visit.
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