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Russia and China initial massive natural gas deal
Published in Saudi Press Agency on 31 - 05 - 2011


Government negotiators on Tuesday reached general
agreement on terms for long-term deliveries of gas that will bring
Russia a welcome cash infusion and China additional fuel for its
energy-hungry economy, dpa quoted a senior Russian official as saying.
Russia will supply China with natural gas for at least the next 30
years at increasing volumes and will build the capacity to do it,
said Igor Sechin, Russian Vice Prime Minister, at a Moscow press
conference.
Sechin's remarks came after a day of top-level meetings in the
Russian capital between Russian energy officials and their Chinese
counterparts.
Russian state media billed the talks as an "energy summit",
between the two countries, who share a 3,600-kilometre land border in
Central and Northeast Asia.
Increased Russian natural gas deliveries to China were the main
topic, but oil and electricity deliveries also were discussed,
Interfax reported.
"The talks brought massive results," said Chen Gopin, a Chinese
Foreign Ministry spokesman.
Russia's national gas monopoly Gazprom will in coming years become
a major supplier to China, Sechin said.
Negotiators agreed on Tuesday that Russia will develop the
capacity to deliver annually to China some 78 billion cubic metres of
gas via Central Asian and Far Eastern pipelines.
The massive project would go far to cover dramatic growth expected
in Chinese demand for natural gas, which was around 90 billion cubic
metres in 2010, according to news reports.
A Gazprom spokesman speaking at the press conference said the firm
would be able to finance the pipeline expansions, some of which would
cross some of Asia's most hostile terrain, from its own funds.
Volumes of Russian oil deliveries to China will remain stable, and
Russian pricing for oil delivered to China by pipeline - long a sore
point with Beijing - "has been resolved," Sechin said.
The energy cooperation terms agreed on at the Tuesday conference
will likely be finalized in an energy contract to be signed during a
visit to Moscow planned by Chinese President Hu Jingtao later this
year, Sechin said.


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