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Gazprom and CNPC Drafting Contract to be Signed in May

Source: www.gulfoilandgas.com 4/29/2014, Location: Asia

The Gazprom headquarters hosted a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Zhou Jiping, Chairman of China National Petroleum Corporation (CNPC).

The parties addressed the state of the contract for pipeline gas supply from Russia to China via the eastern route. It was pointed out that preparations were well underway and nearing completion. Gazprom and CNPC are getting ready to sign the contract in May as was initially planned.

Alexey Miller and Zhou Jiping stressed that the launch of natural gas supply via the eastern route was strategically important for both countries. It means the access to a new major developing market of gas supply for Russia, and China will get a strong impetus to economic development and environmental improvement.

CNPC is China's largest petroleum company wholly-owned by the state and is one of the world's leading integrated oil and gas production companies.

In 2009 Gazprom and CNPC inked the Framework Agreement on the major terms and conditions of natural gas supply from Russia to China. The Agreement stipulates annual exports of up to 68 billion cubic meters of gas to the Chinese market. In 2010 the Extended Major Terms of natural gas supply from Russia to China were signed.

In September 2013 Gazprom and CNPC inked the Agreement on the major terms and conditions of pipeline gas supply from Russia to China via the eastern route.

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