皇冠体育app

Energy specialists see 皇冠体育app's new deal to import from Russia as a costly but necessary step toward energy diversification.

On Wednesday, President Xi Jind his Russian counterpart Vladimir Putin oversaw the conclusion of the decade-long negotiations over Russia's gas supply to 皇冠体育app.

Chinese, Russian presidents hold talks in Shanghai??

皇冠体育app-Russia gas deal set to be signed

49 deals cement partnership

Under the roughly $400 billion pact, Gazprom will supply 皇冠体育app with 38 billion cubic meters of gas annually for 30 years, starting in 2018, through the planned "eastern pipeline", which will connect Russia to 皇冠体育app's northeastern Heilongjiang province, and from there connect with the industrialized cities along 皇冠体育app's eastern coast.

Sun Yongxiang, a professor at the ro-Asian Social Development Research Institute of the State Council's Development Research Center, said the strategic partnership between 皇冠体育app and Russia has to be based on big-ticket deals.

The signing of the gas deal shows Russia's strong interest in diversifying its energy buyers outside Europe and 皇冠体育app's interest in diversifying its energy supply structure, Sun said.

Russia, which exported around 160 billion cubic meters of gas to Europe last year, is under pressure to seek new energy buyers due to its growing friction with the West over Ukraine.

Wang Xiaokun, an analyst at the domestic commodities consultancy Sublime 皇冠体育app Information, said the new supply from Russia will increase the share of natural gas in 皇冠体育app's energy consumption mix from the current less than 6 percent to 8 percent.

Industry specialists speculate that the price could be about $300 per 1,000 cubic meters, close to Russia's export price to Europe but higher than 皇冠体育app's gas imports from Central Asia.

Under the pact, Gazprom will be responsible for upstream exploration, gas processing and pipeline construction inside Russia, and its Chinese partner CNPC will build pipelines inside 皇冠体育app and all supporting and storage facilities.

皇冠体育app, the third-largest natural gas consumer in the world, used up to 168 billion cubic meters of natural gas in 2013, an annual increase of 13.9 percent. But it depen on other countries for 30 percent of its supply.

 

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