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Russian mega gas project with China going full-steam ahead

Russian mega gas project with China going full-steam ahead

MOSCOW: The country imports nearly all the gas it needs to cover its domestic needs via a pipeline from Ukraine through Romania. Authorities in Ukraine have seized United States dollars 3.8 million worth of assets of Russian gas giant Gazprom in that country amid a legal wrangle, according to reports. The Company is shaping a major gas production center on the basis of the Kovyktinskoye field, which is unique in terms of its gas reserves (2.7 trillion cubic meters).

In May 2014, Vladimir Putin and Xi Jinping singed a landmark $400 billion gas deal under which Gazprom will supply the China National Petroleum Corp (CNPC) 38 billion cubic meters (BCM) of natural gas every year for 30 years. The Russian company has been building the pipeline from the gas deposit in Siberia to Russia’s Far East. At the border in Blagoveshchensk, the pipeline will be extended into China.