GAZPROM & CNPC: SIGN CONTRACT
OAO Gazprom said it is preparing to sign a gas supply contract with China National Petroleum Corp. in May.
Alexey Miller, chairman of Gazprom's management committee, met with Zhou Jiping, chairman of CNPC. Gazprom said preparations are "nearing completion."
The launch of natural gas supply from Russia to China via the eastern route (OGJ Online, Sept. 6, 2013) was described as "strategically important" for both countries.
"It means the access to a new major developing market of gas supply for Russia, and China will get a strong impetus to economic development and environmental improvement," Gazprom said.
The companies signed a framework agreement in 2009 on major terms and conditions of natural gas supply from Russia to China. It stipulated exports of as much as 68 billion cu m/year to the Chinese market. In September 2013, they signed an agreement for gas supply via the eastern route.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.