Bolstering Energy Ties: Gazprom and CNPC's Strategic Gas Agreement
Gazprom and China National Petroleum Corporation have agreed to expand their gas supply arrangement to China, increasing the annual capacity of the Power of Siberia and Far Eastern Route pipelines. This agreement, coinciding with President Putin's visit to China, signifies deepening energy cooperation between the two nations.
In a significant development in international energy trade, Russia's Gazprom and China National Petroleum Corporation have reached an agreement to boost annual gas supplies to China. The expansion involves the Power of Siberia pipeline and the Far Eastern Route, as reported by Russia's RIA agency on Tuesday.
The deal comes amid ongoing negotiations between the two nations, with China keen on increasing its intake of Russian gas. This agreement was signed during President Vladimir Putin's visit to China, where he participated in a military parade on Tiananmen Square commemorating the end of World War Two after Japan's surrender.
Gazprom CEO Alexei Miller announced that the two nations have agreed to increase gas supplies to 44 billion cubic meters (bcm) annually, up from 38 bcm. Additionally, supply via the Far Eastern route will rise to 12 bcm. The two companies have also signed a memorandum to construct the Power of Siberia 2 pipeline and the Soyuz Vostok transit pipeline through Mongolia, marking a new phase in their strategic cooperation.
(With inputs from agencies.)
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