Gulf Oil and Gas accountACCOUNT

Gazprom and CNPC Sign Extended Terms of Gas Supply

Source: www.gulfoilandgas.com 9/27/2010, Location: Asia

In furtherance of the accords reached earlier Alexey Miller, Chairman of the Gazprom Management Committee and Jiang Jiemin, President of China National Petroleum Corporation signed today in Beijing, as part of the official visit to China by Russian President Dmitry Medvedev, the Extended Major Terms of Natural Gas Supply from Russia to China.

The document sets the key commercial parameters of the forthcoming natural gas delivery to the PRC market via the “western” route: the volumes and the timeframe for export startup, the take-or-pay level, the supplies buildup period, the guaranteed payment level. The document is of a legally binding nature.

The export contract is expected to be signed in mid 2011. First supplies are planned for late 2015. Under the reached agreements the contract period will be up to 30 years and the supply volume – 30 billion cubic meters a year.

In addition, Alexey Miller and Jiang Jiemin signed a Protocol based on the results of the gas processing and gas chemistry projects feasibility study carried out jointly by Gazprom and CNPC. The document considers the opportunities to create gas chemical facilities in Russia related to arranging natural gas exports from Russia to China.

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