Gazprom: China To Sign 30-Year Pact To Take 30 BCM Gas Annually

Gazprom: China To Sign 30-Year Pact To Take 30 BCM Gas Annually
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Δευ, 27 Σεπτεμβρίου 2010 - 18:15
China National Petroleum Corp. will agree to a 30-year contract to take 30 billion cubic meters of natural gas annually from Russian gas exporter OAO Gazprom (GAZP.RS), Gazprom said in a statement Monday.
China National Petroleum Corp. will agree to a 30-year contract to take 30 billion cubic meters of natural gas annually from Russian gas exporter OAO Gazprom (GAZP.RS), Gazprom said in a statement Monday.

Gazprom said it may also work with CNPC on a gas-based chemicals plant as a part of their gas trade and cooperation.

Russian and Chinese firms signed several agreements Monday in
China as a part of a visit between Russian President Dmitry Medvedev and his Chinese counterpart, Hu Jintao.

In the gas agreement, the Chinese and
Russia sides agreed to the volumes of gas to be taken, the 30-year duration of the pact, the degree to which the "take-or-pay" concept used in Europe will be applied, and the level of guaranteed payments, according to the Gazprom release.

Gazprom reiterated that the actual export contract is expected to be signed in mid-2011, with the first gas deliveries at the end of 2015.

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