OAO Gazprom (GAZP.RS) and China National Petroleum Corp. or CNPC, are engaged in final talks over a gas supply deal and are expected to reach a final agreement by the end of this year, Russia's minister of energy said Wednesday.
OAO Gazprom (GAZP.RS) and China National Petroleum Corp. or CNPC, are
engaged in final talks over a gas supply deal and are expected to reach a final
agreement by the end of this year,
Russia
's
minister of energy said Wednesday.
A final agreement would be a milestone for
Russia
in
accessing Asian energy markets as it diversifies its energy sales from
Europe
,
where the country has faced pricing pressures.
State-run Gazprom has already signed some initial agreements for supplying 38
billion cubic meters of gas a year to CNPC, but a final agreement is pending. Last
month, Gazprom said the two sides had agreed on the route, the level of
guaranteed volumes CNPC must pay for, and the speed at which supplies will be
ramped up.
Active energy cooperation between
China
and
Russia
is
seeing breakthroughs, said Alexander Novak through an interpreter on the
sidelines of the World Energy Congress.
He said
Russia
is
also working on the gradual liberalization of exports of liquefied natural gas
and a draft law is expected to come into effect by January 1 next year.
Russia
's
plans to liberalize LNG exports will break the monopoly of Gazprom and allow
other Russian companies to tap global markets as the country shifts focus to
Asia
.
Russia
is
also making progress in another key oil-related project--the construction of a
joint venture refinery in the Chinese port city of
Tianjin
,
where there will be an obligation to supply between 3 million metric tons to 9
million tons of crude oil a year, Mr. Novak said.
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