Russia's OAO Gazprom (GAZP.RS) will likely determine a price in June with China for gas supplies, the state gas giant's chairman said Wednesday on Rossiya 24 television.
Russia
's OAO
Gazprom (GAZP.RS) will likely determine a price in June with
China
for
gas supplies, the state gas giant's chairman said Wednesday on Rossiya 24
television.
"I think that somewhere in June the price will finally be determined and
by the end of the year all the contracts will be signed in regards to the
supply, with the volume and price agreed," Viktor Zubkov said.
Gazprom said Friday it would conclude a 30-year supply deal to
China
by
the end of the year, just as it is struggling with declining demand and
regulatory pressure in its core market of
Europe
. Under
the proposed agreement,
Russia
will
begin shipping 38 billion cubic meters of gas a year to
China
in
2018 and could eventually increase supply to 60 billion cubic meters a year.
For years,
China
has
sought greater access to
Russia
's
vast gas supplies, but the two sides have never agreed on price. But
Russia
is
now looking to
Asia
for sales, as demand falls
and competition rises in
Europe
. It
also wants funding to help develop and ship distant and hard-to-produce energy
reserves. The two sides appear to be moving closer on price, as the price that
Gazprom receives in
Europe
, its most lucrative market,
has decreased.
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