Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

5/21/2014 (8 months ago)

Catholic Online (www.catholic.org)

Russia will provide China with $400 billion worth of natural gas over 30 years

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.

Russian President Vladimir Putin called it an "epochal event," Both countries are satisfied with the price, he said, signing the agreement in Shanghai.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

5/21/2014 (8 months ago)

Published in Business & Economics

Keywords: China, Russia, natural gas, pipeline, agreement


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.

Hunger never takes a vacation --

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.
 

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for January 2015
General Intention:
That those from diverse religious traditions and all people of good will may work together for peace.
Missionary Intention: That in this year dedicated to consecrated life, religious men and women may rediscover the joy of following Christ and strive to serve the poor with zeal.



Comments


More Business & Economics

Game over: Saudi Arabia threatens to increase oil production to dangerously drive America out of the oil market Watch

Image of America's rising oil production has threatened Opec's control of the global oil market, but Saudi Arabia may be striking back, upping its own production in order to drive costs beyond the ability of American oil corporations to compete.

By Matt Waterson (NEWS CONSORTIUM)

Despite the continuing decline of the price of oil, Saudi Arabia has actually increased its oil production in an attempt to gain a victory in the oil war against shale drillers in the United States. LOS ANGELES, CA (Catholic Online) - The Middle Eastern oil ... continue reading


Talk about a killer app! Apple posts largest profit in history of mankind Watch

Image of The iPhone 6, which has helped Apple post the record largest profit ever made by a corporation.

By Matt Waterson (NEWS CONSORTIUM)

Apple has sold 74.5 million iPhones in just the last three months, helping the tech giant's profits soar to $18 billion, up more than 37 percent. LOS ANGELES, CA (Catholic Online) - This is the largest profit ever made by a corporation, edging out the $16.2 billion ... continue reading


ECONOMIC EARTHQUAKE: IBM rumored to lay off 110,000 employees - biggest cull in business history Watch

Image of First reported on the Forbes Web site, IBM scoffed at the news. Representatives said that the reported scale of the job cuts

By Catholic Online (NEWS CONSORTIUM)

There are alarming indications that the largest corporate layoff in history may be near. There are rumors afoot that computer IBM plans to lay off 110,000 employees shortly. As their entire worldwide workforce is estimated at 430,000, this represents a quarter ... continue reading


Living on less than $2 dollars a day: Only 5 percent of global wealth belongs to the poorest 80 percent of the world Watch

Image of Millions of people around the world are living off of less than two dollars a day.

By Abigail James (NEWS CONSORTIUM)

The staggering increasing inequality among the wealthy and poor around the world continues to be a pressing issue. Eighty rich billionaires have as much money as 3.5 billion of the poorest people. LOS ANGELES, CA (Catholic Online) - The wealthy are occuring their ... continue reading


An amazing 2,500 of the world's most prestigious people canvas Davos, Switzerland for this year's World Economic Forum Watch

Image of

By Abigail James (NEWS CONSORTIUM)

Around 1,700 private jets will cover the sky, as the most elite people of the world descend on the annual World Economic Forum in Davos, Switzerland. Throughout the next week, world leaders, wealthy businessmen and even influential pop stars will come together to speak ... continue reading


Do they have your best interests at heart? A shocking 50 PERCENT of the global wealth precariously belongs to only ONE PERCENT of the world's population Watch

Image of Nearly 50 percent of the world's entire riches belong to only one percent of its people.

By Abigail James (NEWS CONSORTIUM)

Davos men, the world's most elite billionaires and politicians, gather at the World Economic Forum to once again attempt to tackle inequality between the rich and poor as the disparity continues to grow. LOS ANGELES, CA (Catholic Online) - Every year the world's ... continue reading


Downturn of low gas prices: Schlumberger to cut 9,000 jobs due to decline at pump prices Watch

Image of The precipitous fall of $1.8 billion came in a series of one-time charges related to the steep fall in commodity prices.

By Catholic Online (NEWS CONSORTIUM)

There is a downside to the plunging prices at the gas pump: Americans will be losing jobs as companies struggle to make up the difference in falling revenue. Case in point: Schlumberger is cutting 9,000 jobs due to low oil prices. Other petroleum companies are ... continue reading


Improved economy? Study says labor force participation at 36-Year Low Watch

Image of The labor force participation rate is defined as the percentage of the civilian non-institutional population who either had a job or was actively seeking one during the month.

By Catholic Online (NEWS CONSORTIUM)

Gas prices may be cheaper, consumer confidence may be higher - but that does not take away from the brutal fact that many Americans remain jobless. A record 92,898,000 Americans 16 and older did not participate in the labor force in December, as the labor force ... continue reading


The Rise and Fall of the World's Poorest Nations Watch

Image of Leaving list of LDCs entials that of productive capacity development, structural transformation resilience building and sustainable improvement in human and social capital.

By Thalif Deen, Inter Press Service

The world's 48 Least Developed Countries (LDCs) - a special category of developing nations created by the General Assembly in 1971 but refused recognition by the World Bank - have long been described as "poorest of the poor" in need of special international ... continue reading


Is pot the future boom business? The founder of Pay Pal thinks so Watch

Image of The co-founder and former CEO of PayPal, Peter Thiel is investing multiple millions of dollars into Privateer Holdings, a Seattle-based marijuana growing, production, distribution and information company.

By Matt Waterson (NEWS CONSORTIUM)

Founders Fund, a $2 billion dollar, San Francisco-based venture capitalist firm ran by the co-founder and former CEO of PayPal is moving in a new investment direction, turning towards pastures a little greener than former tech and Silicon Valley ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Hebrews 10:19-25
19 We have then, brothers, complete confidence ... Read More

Psalm, Psalms 24:1-2, 3-4, 5-6
1 [Psalm Of David] To Yahweh belong the earth and all ... Read More

Gospel, Mark 4:21-25
21 He also said to them, 'Is a lamp brought in to be ... Read More

Saint of the Day

Saint of the Day for January 29th, 2015 Image

Sts. Sarbelius & Barbea
January 29: Two martyrs, brother and sister, who were put to death at Edessa ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter