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Gazprom and CNPC signed an agreement on Russian gas supplies via the “western route” - through the Altai gas pipeline
The agreement was signed at the APEC summit, Reuters. In addition to the gas supply agreement on the western route, the Russian and Chinese sides signed 17 on cooperation in various fields.
In particular, an agreement was signed to acquire the Chinese China National Oil and Gas Exploration and Development 10% of Vankorneft.
According to Alexei Miller, the head of Gazprom, given the increase in Russian gas supplies through the Altai, in the medium term, supplies to the People's Republic of China may exceed Russian gas exports to Europe. Miller also noted that the "Western route" is becoming a priority area for Russian-Chinese gas cooperation.
Miller also said that Gazprom no longer needed to agree on the receipt of an advance from the Chinese side to finance the construction of the Siberia Power pipeline to reduce the price of the contract. Miller stressed that the parties reached a final agreement on the price.
The total length of the "Altai" gas pipeline, along which oil from Western Siberia will go to China, will be about 6,7 thousand kilometers. The first gas will go to it in 2019 year.
At the end of May, Gazprom and CNPC signed a 30-year contract for the annual supply of 38 billion cubic meters of gas via the eastern route (the Power of Siberia gas pipeline). - The total volume of supplies along this route should amount to 1 trillion cubic meters of gas.