Russia, China Ink USD 400 Bln Worth Gas Delivery Deal

After a decade of negotiations Russia and China have finally signed a deal for Gazprom to deliver its gas to China and it is estimated to be worth over $400 billion.

According to BBC News, the agreement signed at a summit in Shanghai sees Russia deliver some 38 billion cubic meters of natural gas a year eastward to China, starting around 2018.

Russia was looking to expand their market and turn towards East due to the Ukrainian crisis.

Reuters reports that a major stumbling stone might be China’s inability to pay a lump sum upfront in order to cover infrastructure costs and that part of the deal is yet to be resolved.

LNG World News Staff, May 21, 2014; Image: Gazprom

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