Russia-China natural gas agreement signed

SHANGHAI, May 21 (Itar-Tass) - Russian Energy Minister Aleksandr Novak and head of the Chinese National Energy Administration (NEA) Wu Xinxiong have signed a Memorandum of Understanding in the sphere of natural gas supply on the “Eastern route.” The document was signed in the presence of Russian President Vladimir Putin and Chinese President Xi Jinping. In the gas contract for China the sides envisaged granting preferential mineral extraction tax regimes, said Gazprom CEO Aleksei Miller. The shares of Russia’s natural gas monopoly Gazprom in Moscow have grown by 2 percent to 148.55 roubles after the signing of the long-term contract on gas supply to China. The total value of the gas contract with China that is concluded for a term of 30 years, is 400 billion U.S. dollars, and the gas supply volume is 38 billion cubic metres per year, Miller said. “We don’t have such a contract with any company,” he said. “All the matters of principle have been settled,” Miller added. Learn more on itar-tass.com