Russia, China sign oil and gas deals with 117.5 billion USD
(VOVWORLD) - President Vladimir Putin has unveiled new Russian oil and gas deals with China worth an estimated 117.5 billion USD, promising to ramp up Russia’s Far East exports.
 (Photo: ITAR-TASS/TTXVN) |
Russia, already Beijing’s third-largest gas supplier, has been strengthening ties with China, the world’s biggest energy consumer, reducing its dependence on its traditional European energy customers, said President Putin. The gas sales alone could generate around 37.5 billion USD over 25 years, assuming an average gas price of 150 USD per 1,000 cubic metre as reported by Russian gas giant Gazprom for its current deal with China.
Separately, Russian oil giant Rosneft (ROSN.MM signed a deal with China's CNPC to supply 100 million tons of oil through Kazakhstan over 10 years, effectively extending an existing deal. Rosneft said the new deal was worth 80 billion USD.