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Gazprom addresses cooperation with CNPC and CNOOC

May 30, 2016, 14:35

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Wang Yilin, Chairman of the Board of Directors of CNPC, took place in Sochi today.

The parties discussed relevant cooperation issues, placing an emphasis on planned gas supplies to China via the eastern and western routes, as well as the prospects of collaboration in the field of underground gas storage, gas-fired power generation, and natural gas vehicles.

Another working meeting was held today between Alexey Miller and Liu Jian, President of CNOOC.

The meeting reviewed the potential avenues for joint activities, namely relating to hydrocarbon exploration and production, as well as the LNG sector.

Background

CNPC is China's state-owned oil and gas company and one of the world's leading integrated energy companies.

On May 21, 2014, Gazprom and CNPC signed the Sales and Purchase Agreement for gas to be supplied via the eastern route (Power of Siberia gas pipeline). The 30-year Agreement provides for Russian gas deliveries to China in the amount of 38 billion cubic meters per year.

On May 8, 2015, Gazprom and CNPC inked the Heads of Agreement for pipeline deliveries of natural gas from Russia to China via the western route (Power of Siberia 2 gas pipeline). At the initial stage, 30 billion cubic meters of gas is planned to be annually delivered from Western Siberian fields.

CNOOC is among the top three Chinese oil and gas companies focused on hydrocarbon field exploration and development, as well as oil and gas production and sales in China. CNOOC has an exclusive right for prospecting, exploration, and production of oil and gas offshore China. The company is also China's largest LNG importer.

On November 9, 2014, Gazprom and CNOOC signed a Memorandum of Understanding.

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