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Russia's Gazprom Export has agreed terms with China to supply the country with natural gas along two routes. Photo by Gazprom
Russian Gazprom Export and PetroChina, a subsidiary of China National Petroleum Corporation (CNPC), have agreed the basic terms of natural gas supplies to China, Gazprom has announced.
A Gazprom delegation has held a final round of commercial negotiations with CNPC on supplying Russian natural gas along western and eastern routes.
"The agreement defines the basic commercial and technical terms of Russian natural gas supplies to Chinese consumers," Gazprom said in a statement on Monday.
Under the western option, gas will be supplied from West Siberia, while for the eastern route, gas will be pumped from East Siberia, the Russian Far East, and offshore Sakhalin deposits.
"I believe that the volume of gas supplies to China will be about a third of the volume of our European gas supplies," Sergei Kupriyanov, a Gazprom spokesman, said on Russian television.
"The eastern market will clearly not be as large as the European market, simply because it began developing later, but its development will be more intensive than the European market over the coming years," he predicted.
Gazprom Deputy CEO Alexander Medvedev had earlier announced that the Russian energy giant planned to increase its gas exports to countries outside the Commonwealth of Independent States (CIS) by 13% in 2010 to over 160 B cubic meters and that foreign currency proceeds would be increased by 18% to USD 50,3 B, when compared to production and revenues for 2009.
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