Shanghai (AsiaNews/Agencies) - Russia's President Vladimir Putin has signed a multi-billion dollar, 30-year gas deal with China.
The deal between Russia's Gazprom and China National Petroleum Corp (CNPC) has been ten years in the making.
No official price has been given but it is estimated to be worth over US$ 400 billion. Gazprom shares rose 2 per cent on the news.
Russia has been keen to find an alternative energy market for its gas as it might be hit by European sanctions over the crisis in Ukraine.
Putin and Chinese President Xi Jinping signed the agreement at a summit in Shanghai.
Reports indicate that Russia pledged to supply, starting in 2018, about 38 billion cubic ref natural gas each year, which China desperately needs to maintain its rate of growth.
Until now, the main sticking point was price and China is thought to have been driving a hard bargain.
Over the past ten years, Beijing has found other gas suppliers. Turkmenistan is now China's largest foreign gas supplier, and last year it started importing piped natural gas from Myanmar.
