Commodities, Emerging Markets, Energy

Second Massive Gas Deal Between Russia And China Approching: Putin (APEC)

Russia China Gas DealRussia and China have agreed on many aspects of a second gas pipeline leading to China. The new pipeline is called the western route. It’s on top of the eastern route, the deal worth of $400bn agreed in May earlier this year.

“We have reached an understanding in principle concerning the opening of the western route,” the Russian President told media ahead of his visit on November 9-11 to the Asia Pacific Economic Conference (APEC).

“We have already agreed on many technical and commercial aspects of this project laying a good basis for reaching final arrangements,”  Putin added.

The $400bn deal signed in May agreed to construct the Power of Siberia pipeline, which will annually deliver 38 billion cubic meters of gas to China.

The opening of the western route, would link Western China and Russia. The new route would have a capacity to supply an additional 30 billion cubic meters of gas. That’s nearly twice as much as the gas deal reached in May.

Once the western route is complete China will become Russia’s biggest gas customer. The potential total 68 billion cubic meters of gas supplied to China surpasses the 40 billion cubic meters which Russia supplies to Germany per year.


Source: RT, Gazprom

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