Gazprom Russian gas consortium and the National Petroleum Corporation (CNPC) signed an agreement to export natural gas to the Asian power from Russia on Wednesday. During this week, the Asian giant has pressed for a better price on the fuel supply in a visit by Russian President Vladimir Putin in Shanghai.
After nearly a decade of negotiations between the two powers, the agreement was signed on Wednesday in a ceremony attended by President Putin and his Chinese counterpart, Xi Jinping.
Although the terms of the agreement have not yet been detailed, it is estimated that the Asian giant will receive, from 2018 and for 30 years, 38,000 million cubic meters of natural gas a year, almost a quarter of the current consumption of the People’s Republic in around 170,000 million, through a pipeline linking the two countries in the East Asian region.
The contract strengthens Russia to diversify its exports to its Asian neighbor when faced with economic sanctions by the U.S. and the European Union for his role in the crisis in Ukraine.