Russia, China ink gas deal worth $400 billion for 30 years

Eurasia News

SHANGHAI: Russia and China on Wednesday signed a historic gas deal worth $400 billion for the next 30 years.

A memorandum of understanding (MoU) was signed in this regard between Russia’s Gazprom and China’s CNPC in the presence of Russian President Vladimir Putin and President of China Xi Jinping.

Under the deal, Russia will supply China 38 billion cubic meters of gas per year via the eastern ‘Power of Siberia’ pipeline, which crosses Siberia and reaches China’s populous northeast regions.

The Russian president is currently on a two-day state visit to Shanghai to attend the fourth summit of the Conference on Interaction and Confidence Building Measures in Asia (CICA).

During his visit, Putin has already signed multiple cooperation agreements in the fields of energy, transport and infrastructure with his Chinese counterpart Xi Jinping in Shanghai.