Negotiations on western route of gas supply to China showing good dynamics
The Gazprom headquarters hosted a working meeting between Alexey Miller, Chairman of the Company’s Management Committee and Huang Weihe, Vice President of PetroChina.
The parties addressed the issues of arranging Russian gas supply to China via the western route. It was pointed out that the main terms and conditions of supply had already been specified, for instance, a Russian-Chinese border crossing corridor for the future gas pipeline. The current project negotiations show a very good dynamics.
Alexey Miller and Huang Weihe addressed the progress with gas supply to China via the eastern route. The project operations in Russia and China are running according to the schedule.
Background
PetroChina is a major Chinese company focused on oil and gas production and sales. State-owned China National Petroleum Corporation (CNPC) has the majority stake in PetroChina.
The western route envisages gas supply to China from Western Siberia’s fields in the amount of 30 billion cubic meters a year. On May 8, 2015 Gazprom and CNPC inked the Heads of Agreement for pipeline gas supply from Russia to China via the western route.
The eastern route stipulates gas supply from the Yakutia and Irkutsk gas production centers to China via the Power of Siberia gas pipeline. On May 21, 2014 Gazprom and CNPC signed the Purchase and Sale Agreement for the Russian gas supply via the eastern route. The 30-year contract provides for Russian gas supplies to China in the amount of 38 billion cubic meters a year.
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