Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

5/21/2014 (2 years 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 (2 years 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'


Copyright 2016 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for August 2016
Universal:
Sports: That sports may be an opportunity for friendly encounters between peoples and may contribute to peace in the world.
Evangelization: Living the Gospel: That Christians may live the Gospel, giving witness to faith, honesty, and love of neighbor.



Comments


More Business & Economics

The economic problem that could destroy America TODAY Watch

Image of Stagnant wages are a threat to our already weak economy. Fortunately, there's a positive trend as some employers begin hiking wages.

By Marshall Connolly (CALIFORNIA NETWORK)

The economy is growing slowly, and the bad news comes at a time when the Federal Reserve is contemplating an interest rate hike. The combination of a sluggish economy and rising interest rates could lead to a recession. LOS ANGELES, CA (California Network) - The U.S. ... continue reading


Business Management Expert Patrick Lencioni Applies Expertise To Catholic Parishes

Image of

By

Amazing Parish ministry prepares to send 14,000 copies of "The Better Pastor" to parishes around the country. New York Times best-selling author Patrick Lencioni is best known for books such as Death By Meeting and The Five Dysfunctions of A Team that use extended ... continue reading


Middle class continues to collapse into poverty - but here's how we can stop it Watch

Image of The middle class is shrinking, and it's largely its own fault. Middle class voters commonly vote against their own self interest.

By Marshall Connolly (CALIFORNIA NETWORK)

The middle class is going extinct, according to another new study. The result confirms what many fear, changes in the economy are not favorable to those in the middle. We are not prepared for the changes that are occurring. LOS ANGELES, CA (California Network) - The ... continue reading


Their fault? Millennials earning less than any previous generation since before WWII Watch

Image of Boomers still hold the upper hand, but they're slipping with age. Millennial influence is growing, so their attitudes and beliefs matter.

By Marshall Connolly (CALIFORNIA NETWORK)

Something is wrong with our economy, and the future is more troubling that it has been in almost a century. A study reveals that British millennials are earning less than their parents. The implications  are staggering. LOS ANGELES, CA (California Network) - A ... continue reading


Newsprint continues to decline and these FOUR companies are making all the money on the internet Watch

Image of Most people don't want the newspaper anymore, even if it were free.

By Marshall Connolly (CALIFORNIA NETWORK)

A Pew survey reveals that newsprint is dying and more people are turning to the internet and video for their news. Newspapers have lost 7 percent of their daily circulation over the past year alone. LOS ANGELES, CA (California Network) - The 13th annual Pew Research ... continue reading


Americans lose confidence in all but the economy Watch

Image of Confidence in televised and printed news is faltering (SKY).

By Kenya Sinclair (CALIFORNIA NETWORK)

What does it mean when Americans have a failing sense of confidence in the very institutions that directly affect their daily lives? LOS ANGELES, CA (Catholic Online) - According to the latest Gallup survey, Americans lack confidence in the schools responsible for the ... continue reading


Whatever you do, DON'T SPEND $831 or more because that's how close... Watch

Image of We are THIS close to the brink of credit collapse.

By Marshall Connolly (CALIFORNIA NETWORK)

Americans owe at least $3.4 trillion in credit debt, and that number continues to rise as payment on the debt falls below borrowing. On average, each household owes more than $15,000 in debt. LOS ANGELES, CA (California Network) - Americans are falling deeper into debt ... continue reading


The Catholic Perspective: Should Catholics use payday loans? Watch

Image of Lenders prey on the desperation of the needy (Livingincome/Wordpress).

By Kenya Sinclair (CALIFORNIA NETWORK)

The poor are getting poorer and the rich don't give a damn - what have we done? LOS ANGELES, CA (Catholic Online) - According to Exodus 22:24, God tells us to be fair. "If you lend money to any of my people, to anyone poor among you, you will not play the userer with ... continue reading


100k Americans work for China as China continues to purchase major US companies Watch

Image of New reports indicate nearly 100 thousand U.S. jobs report to China (AMC Theatres).

By Kenya Sinclair (CALIFORNIA NETWORK)

China has been purchasing major American companies, resulting in nearly 100,000 U.S. citizens working to support the Chinese economy. LOS ANGELES, CA (Catholic Online) - State-owned companies and those closely-related to the Chinese government are responsible for the ... continue reading


The world of news is changing, Buzzfeed struggles to keep up Watch

Image of Buzzfeed is struggling, can they cope with the shift in media culture?

By Marshall Connolly (CALIFORNIA NETWORK)

There's growing concern that Buzzfeed doesn't have a very bright future, at least as far as news is concerned. The firm has missed its projected revenues, and it may look to the news for the place to cut. LOS ANGELES, CA (California Network) - It's hard to get news ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

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

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

Daily Readings

Reading 1, First Corinthians 1:26-31
26 Consider, brothers, how you were called; not many of you are wise by ... Read More

Psalm, Psalms 33:12-13, 18-19, 20-21
12 How blessed the nation whose God is Yahweh, the people he has chosen ... Read More

Gospel, Matthew 25:14-30
14 'It is like a man about to go abroad who summoned his servants and ... Read More

Saint of the Day

Saint of the Day for August 27th, 2016 Image

St. Monica
August 27: Saint Monica, also known as Monica of Hippo, is ... Read More