Vladimír Urbánek (Kurzy.cz)
Commodities  |  June 14, 2011 15:41:45

China and Russia are preparing signature giant gas contract. Gazprom to get rid of dependence on Europe and become a major Chinese supplier

Russian gas concern Gazprom and the Chinese company China National Petroleum Corporation (CNPC) in Moscow negotiate the final details of a contract for large supplies of Russian natural gas to China. Point of contention remains the main prize, and so all-day marathon meeting yesterday, the chiefs have personally participated in the two companies will continue today.

Both sides are pushing for an agreement tomorrow's date in the St. Petersburg Economic Forum to come to Chinese President Hu Jintao, who is then in Russia a few days delay. Originally, the contract with effect thirty, whose foundations were laid last year during the September visit of Russian President Dmitry Medvedev in Beijing, will be negotiated on Friday, but the CNPC Gazprom has been able to agree.

Gazprom, in principle, requires that the formula for calculating the price determined in the same way as its European customers, so that about a half year delay copied quotations movement of crude oil. The Chinese, however, reluctant to pay so much to developed European countries.

Full article can be found on the server Patria Online, specifically HERE

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