Russia, China strike up massive gasoline agreement
By Catholic Online (NEWS CONSORTIUM)
5/21/2014 (3 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.
Copyright 2017 - Distributed by THE CALIFORNIA NETWORK
Pope Francis Prayer Intentions for JULY 2017
Lapsed Christians. That our brothers and sisters who have strayed from the faith, through our prayer and witness to the Gospel, may rediscover the merciful closeness of the Lord and the beauty of the Christian life.
The highly relevant quote, "Budgets are moral documents," has been arguably attributed to Rev. Martin Luther King, Jr. But if he didn't ... continue reading
A group of central bankers has warned that a great recession, possibly larger than the 2007-2008 recession is looming on a global scale. ... continue reading
The end of the farm as we know it has arrived - here's how we're about to change the way we grow food Watch
Farming as we know it is about to disappear. The entire disappearance may take generations to happen, and there will always be a few farms ... continue reading
Is to time to break up the monopolies? As Google, Facebook and others grow larger, calls for their breakup are emerging. There is an urgent ... continue reading
The Tesla Model 3 is a game changer for the auto industry. It is a reasonably priced, well-designed electric car that looks good. It has ... continue reading
by Catholic Online
- St. John Boste: Saint of the Day for Monday, July 24, 2017
- Statues of the Virgin Mary triumphantly return to Iraq, after defeat ...
- 'Social Cleansing': Is Philippines President Duterte guilty of human ...
- Daily Readings for Monday, July 24, 2017
- Why are all these Catholic women coming to New Mexico?
- We all have EVIL in us!: Pope Francis makes strong statement ...
- Daily Reading for Tuesday, July 25th, 2017 HD Video
- Daily Reading for Monday, July 24th, 2017 HD
- Daily Reading for Sunday, July 23rd, 2017 HD
- Deadbeat Republicans, do your job or GET OUT! HD
- Daily Reading for Saturday, July 22nd, 2017 HD