China and Russia have signed a long awaited contract for Gazprom to supply natural gas to China.
The contract, worth £237bn, will see Russia’s energy giant Gazprom delivering natural gas to China’s National Petroleum Corporation, enabling the east-Asian superpower to facilitate the shift away from coal towards greener energy resources in a bid to address intensifying environmental issues.
The deal, vital for Russia seeking diversification of its customer base as the European Union has pledged to decrease its dependence on Russian resources in the wake of the crisis in Ukraine, includes construction of a new pipeline linking Siberian gas fields to China’s main consumption centres near its coast. Russia will begin delivering from 2018, building up to the annual target of 38 billion cubic metres.
Read the Gazprom gas deal story in full on the E&T news website.
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