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China and Russia sign 30-year gas deal

China and Russia sign 30-year gas deal
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China and Russia have signed an important natural gas supply deal estimated to be worth over 290 billion euros.

Russian President Vladimir Putin and his Chinese counterpart Xi Jinping witnessed the 30-year contract being signed at a summit in Shanghai.

Moscow has been keen to find a new market for its gas as Europeans look elsewhere for their energy in the wake of the crisis in Ukraine.

The gas will be transported along a pipeline linking Siberian gas fields to China’s main cities near its coast.

The agreement between Russian state controlled company Gazprom and China National Petroleum Corp (CNPC) will deliver gas from 2018.

Disagreements over price had prevented a deal being signed and talks had dragged on for over a decade.