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 2018 - Distributed by THE CALIFORNIA NETWORK
Pope Francis Prayer Intentions for JANUARY 2018
Religious Minorities in Asia. That Christians, and other religious minorities in Asian countries, may be able to practise their faith in full freedom.
Jobless claims historic low! - Why workers are getting raises this year, thanks to President Trump Watch
Say what you will about President Trump, but American workers are starting to "win" under his administration. Jobless claims have reached a ... continue reading
Early reports from the retail sector show that sales between November 1 and Christmas Eve were up 4.9 percent over last year. Workers ... continue reading
President Trump has signed his tax reform bill, aimed at providing tax cuts for most Americans as well as simulating job growth. President ... continue reading
Is now the time to sell on Wall Street? Stocks are on a bubble, according to multiple analysis and expert opinions. Fundamental market ... continue reading
The economy is about to go into recession according to several Wall Street firms. They are warning investors to prepare for an end to the ... continue reading
by Catholic Online
- Daily Reading for Saturday, January 20th, 2018 HD Video
- Jobless claims historic low! - Why workers are getting raises this ...
- St. Volusian: Saint of the Day for Thursday, January 18, 2018
- President Trump declares 'Religious Freedom Day'
- Daily Readings for Thursday, January 18, 2018
- Pope Francis in Chile: the beatitudes are sources of hope!
- Daily Reading for Friday, January 19th, 2018 HD Video
- North and South Korea agree to march together at the Olympics with first ever joint team HD
- CDC: Swine flu joining killer influenza outbreak, expected to become more severe HD
- Daily Reading for Thursday, January 18th, 2018 HD
- Daily Reading for Wednesday, January 17th, 2018 HD
Learn about Catholic world
Inform - Inspire - Ignite
Catholic Online Saints
Your saints explained
Catholic Online Prayers
Prayers for every need
Catholic Online Bible
Complete bible online
Catholic Online News
Your news Catholic eye
Today's bible reading
Products and services we offer
Catholic Online Shopping
Catholic medals, gifts & books
The California Network
Inspiring streaming service
Learn the Catholic way