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Russian gas supplies to China via Power of Siberia to start in December 2019

Background

Gazprom’s main partner in China is CNPC, a state-owned oil and gas company.

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

On May 8, 2015, Gazprom and CNPC inked the Heads of Agreement for pipeline deliveries of natural gas from Western Siberian fields to China via the western route (Power of Siberia 2 gas pipeline).

On September 3, 2015, Gazprom and CNPC inked the Memorandum of Understanding for the project of pipeline gas supplies to China from Russia’s Far East.

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

On November 7, 2016, Gazprom and CNPC signed the Memorandum to explore the opportunities for cooperation in the NGV sector.

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