Gazprom Inks 30 Year Gas Deal With CNPC

Gazprom and CNPC have signed a long term agreement under which the Russian firm will supply natural gas to the Chinese entity for a period of 30 years.

The gas will be supplied through the pipeline via the eastern route, Gazprom said in a statement.

“The signed document is of long-term strategic nature, it determines the parameters of Russian natural gas supplies to China via the eastern route and establishes the framework for a 30-year contract for gas supplies from Russia to China,” said Alexey Miller, chief executive officer of Gazprom said.

Gazprom and CNPC signed the Agreement of Strategic Cooperation on October 14, 2004, which covers examination of the issues relative to the arrangement of natural gas delivery from Russia to China by Gazprom. In October 2009 Gazprom and CNPC inked the Framework Agreement on major terms and conditions for natural gas supply from Russia to China. In December 2009 the Heads of Agreement on Gas Supply from Russia to China were signed.