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China and Russia sign $ 400bn gas deal
5/21/2014 1:21:02 PM
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.
"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.
Source: Agencies
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