Gazprom and CNPC point out progress
This week, Beijing hosted a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Zhou Jiping, Chairman of China National Petroleum Corporation (CNPC).
The parties addressed the issues of arranging Russian pipeline gas supply to China.
Alexey Miller and Zhou Jiping pointed out considerable progress with talks over a contract being hammered out to supply gas via the eastern route in accordance with the previously agreed Major Terms.
"At this round of talks we approved all the project-related technical matters. We advanced in our talks on the gas price. The parties agreed that the contract would come into force before the end of 2014 and that the next round of talks would take place in Moscow in late April," said Alexey Miller, summarising the meeting results.
Background
CNPC is China's largest petroleum company wholly-owned by the state and is one of the world's leading integrated oil and gas production companies.
In 2009 Gazprom and CNPC inked the Framework Agreement on the major terms and conditions of natural gas supply from Russia to China. The Agreement stipulates annual exports of up to 68 billion m3 of gas to the Chinese market. In 2010 the Extended Major Terms of natural gas supply from Russia to China were signed.
In September 2013 Gazprom and CNPC inked the Agreement on the major terms and conditions of pipeline gas supply from Russia to China via the eastern route.
Adapted from press release by Hannah Priestley-Eaton
Read the article online at: https://www.worldpipelines.com/business-news/10042014/gazprom_and_cnpc_point_out_progress/
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