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Gazprom and Chinese companies sign agreements for wider energy

November 7, 2016, 17:45

Gazprom, CNPC, and China Development Bank Corporation today signed at the meeting between Russian and Chinese Prime Ministers in St. Petersburg a number of documents for deeper cooperation.

The signing ceremony was held in the presence of Dmitry Medvedev, Prime Minister of the Russian Federation, and Li Keqiang, Premier of the State Council of the People's Republic of China.

Alexey Miller, Chairman of the Gazprom Management Committee, and Xu Wenrong, Vice President of CNPC, signed an Agreement to cooperate in the field of mutual recognition of standards and conformity assessment results. The document provides for joint development of intercorporate technical standards and application thereof by the companies.

The parties also signed a Memorandum to explore the opportunities for cooperation in the NGV sector. Gazprom and CNPC agreed to conduct a joint marketing study regarding the possibility of using LNG as a vehicle fuel along the Europe – China international transport route.

In addition, Alexey Miller and Zheng Zhijie, President of China Development Bank Corporation, signed a Memorandum of Understanding. The document outlines the general principles of cooperation between the parties in arranging project or any other financing, including for the Amur GPP construction project.

“Russian-Chinese cooperation in the gas sector continues to expand and the dynamic is encouraging. Today, we signed important documents for bilateral partnership in a whole range of areas. The agreements mark an important stage in the evolving relationship between Gazprom and Chinese companies as part of joint energy projects,” said Alexey Miller.

Background

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

In 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.

China Development Bank Corporation is a Chinese state-owned financial institution that provides financial assistance to major investment projects. It is the largest development bank under the State Council of the People’s Republic of China. The institution is part of Gazprom’s financial consultant consortium formed with a view to attract financing for the Amur GPP construction project.

On June 25, 2016, Gazprom and CNPC signed the Memorandum of Understanding on underground gas storage and gas-fired power generation in China.

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