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2014-05-22 18:59:00

CHINA & RUSSIA: $400 B

CHINA & RUSSIA: $400 B

China and Russia have clinched a $400bn gas supply deal that provides Moscow with a crucial new export market and stronger ties with its eastern neighbour as Europe attempts to reduce its reliance on Russian supplies.

The agreement, struck in Shanghai on Wednesday by Russian president Vladimir Putin and his Chinese counterpart president Xi Jinping comes after 10 years of negotiations and marks an important breakthrough for the Kremlin vilified by the west over its role in the crisis in Ukraine.

Under the deal, Russia's Gazprom will supply China National Petroleum Corp, China's largest oil company, with up to 38bn cubic metres of gas a year for 30 years, beginning in 2018. Mr Putin said it was the "largest contract in the history of the gas sector of the former USSR".

Although Gazprom said there was an agreement on the base price, some of the conditions are yet to be agreed. Alexander Novak, Russia's energy minister, said an intergovernmental deal, to be negotiated by the end of the year, would confirm that both countries would effectively subside the contract through tax exemptions.

Analysts said the implied price was $350-$390 per 1,000 cubic metres of gas – roughly comparable to the price Gazprom charges its European customers.

"Gazprom is entering an Asian market with huge potential," said Keun-Wook Paik, author of Sino-Russian Oil and Gas Co-operation. He said 38 bcm was just the start: the Russian gas group could end up exporting 130 bcm a year to Asian markets, almost as much as it supplies to Europe.

"Strategically it's very important for Gazprom," says Stephen O'Sullivan, head of emerging market energy research at Trusted Sources. "It allows it to show Europe that it has other options."

"Barack Obama should give up the policy of isolating Russia: it won't work," said Alexei Pushkov, head of the Russian Duma's foreign affairs committee.

The deal is also a sign of stronger Sino-Russian ties at a time of deteriorating relations between Moscow and the west.

But it was also clear that Gazprom had been forced to make concessions. People in the industry in Beijing said China was able to drive a harder bargain in the light of Gazprom's growing international isolation.

Moreover, China now has many more sources of natural gas available to it than when it started talks on the pipeline agreement a decade ago – a fact that also strengthened its negotiating position with Gazprom.

Gazprom said it would invest $55bn in a new pipeline to the Chinese border, and to develop the huge east Siberian gasfields that will feed it, Kovykta and Chayanda. China will provide at least $20bn of investments, though it was unclear on what terms.

Analysts said the agreement could pave the way for even more gas export deals. Once developed, the east Siberian fields will supply not only the China pipeline but also a planned liquefied natural gas plant in Vladivostok, which will export LNG to China as well as other energy-hungry Asian countries such as Japan, Korea and Taiwan.

Analysts at Bank of America Merrill Lynch said Russian energy exports to China could double by 2020 and triple by 2030.

ft.com

Tags: CHINA, GAS, RUSSIA
CHINA & RUSSIA: $400 B September, 20, 09:05:00

OIL PRICE: ABOVE $55 YET

CHINA & RUSSIA: $400 B September, 20, 09:00:00

GAS PRICES UP TO $3.146

CHINA & RUSSIA: $400 B September, 20, 08:55:00

ЦЕНА URALS: $51,81591

CHINA & RUSSIA: $400 B September, 20, 08:50:00

U.S. OIL + 79 TBD, GAS + 788 MCFD

CHINA & RUSSIA: $400 B September, 20, 08:45:00

RENEWABLE'S FUTURE

CHINA & RUSSIA: $400 B September, 20, 08:40:00

TOTAL BUYS RENEWABLE

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Chronicle:

CHINA & RUSSIA: $400 B
September, 20, 08:35:00

BP - AZERBAIJAN OIL DEAL

BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.

CHINA & RUSSIA: $400 B
September, 20, 08:30:00

U.S. DEFICIT UP TO $123.1 BLN

The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.

CHINA & RUSSIA: $400 B
September, 18, 12:35:00

OIL PRICE: ABOVE $55

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.

CHINA & RUSSIA: $400 B
September, 18, 12:30:00

RUSSIA - CHINA - VENEZUELA OIL

“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.

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Exchange Rates
Date: 00:00 00:00
USD 0.00 0.00
EUR 0.00 0.00
GBP 0.00 0.00
UAH 0.00 0.00
ADR bid ask
GAZPROM 0.000.00
LUKOIL 0.00 0.00
ROSNEFT 0.00 0.00
SURGUTNEFTEGAZ 0.000.00
TATNEFT0.00 0.00