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Gazprom concluded a long-term gas delivery agreement with China

Gazprom has agreed the parameters for a contract for long-term gas delivery to China, according to the head of the firm's foreign activities deparment, Stanislav Tsygankov.

 

 

Gazprom has agreed the parameters for a contract for long-term gas delivery to China, according to the head of the firm's foreign activities deparment, Stanislav Tsygankov. China has already signed a foundation agreement on conditions for delivery of Russian gas, he said, which contained a formula for gas prices. "Unfortunately, the Chinese side does not have experience of concluding long term gas delivery contracts," he said, adding that it was necessary to agree not only prices, but all delivery conditions and including flexibility.

 

Tsyganov stressed that Gazprom would complete preparation of a contract in the scheduled time. Gazprom's head of Eastern projects, Viktor Tymoshilov, said completion of the western section of the Altai gas system to China was a priority for the company. Gazprom said on 13 May that the two sides had got closer to agreement following talks with the Chinese national oil and gas company (CNPC) on renewed price proposals for deliveries of gas to China. Deputy Prime-Minister Igor Sechin said Russia could strike a final deal on gas prices for China by September. Gazprom deputy head Alexander Medvedev had previously said that Gazprom did not rule out delivery of Russian gas to China beginning in 2015. Delivery of Russian gas by Gazprom to CNPC by the Altai project is under currently under discussion as part of an intergovernmental agreement.

 

In December 2009 Gazprom export and CNPC's daughter company PetroChina signed an agreement on the principal conditions for delivery of gas from Russia to China, setting out the main terms for Chinese customers. Gazprom spokesman Sergey Kuprianov has previously said Gazprom could deliver to China around a third of the amount of gas that it sells to Europe. The firm plans to boost overseas exports by 13% to 160.8 bln cu.m this year compared to last year.

 

Source : RIA Novosti