Russia signs major gas-supply deal with China


Gazprom (OTCQX:GZPFY) has signed a long-awaited gas-supply agreement with China National Petroleum Corp in a deal that is likely to be a blow to long-term Western efforts to contain Russia's expansionist plans.

Gazprom will provide 38B cubic meters (bcm) of gas annually for 30 years, with the agreement unofficially valued at more than $400B.

Following the turmoil in Ukraine, the West has started to consider how to cut reliance on energy from Russia, which is a major part of its economy. The deal with China reduces any future leverage the U.S. and its allies might have hoped for.

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Comments (2)
  • Red Raider
    , contributor
    Comments (218) | Send Message
     
    Can this be the beginning of the end of dollar based pricing for oil?
    21 May 2014, 11:22 AM Reply Like
  • David at Imperial Beach
    , contributor
    Comments (4381) | Send Message
     
    No, there's a difference between oil and gas. Besides, didn't Iran and Iraq already sell oil for gold?
    22 May 2014, 07:46 PM Reply Like
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