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Publish Date : 24-May-2014

China and Russia have inked the much-awaited deal that will see the latter's energy giant Gazprom supplying natural gas to China.

Under the deal, worth Ł237bn, Gazprom will supply natural gas to the Chinese National Petroleum Corporation.

This will allow the east-Asian superpower to ease the move away from coal towards greener energy resources in a bid to address growing environmental issues.

Key for Russia which is seeking to diversify its customer base as the European Union has pledged to cut its reliance on Russian resources following the crisis in Ukraine, the deal, includes the building of a new pipeline connecting Siberian gas fields to China's main consumption hubs near its coast.

Building up to the yearly target of 38 billion cubic metres, Russia will launch supplies from 2018.

Russian President Putin said : "This is indeed a historic event for the gas sector of Russia and of the Soviet Union. This is the biggest contract in the history of the gas sector of the former USSR. I want to stress that there was hard work done on the expert level. Our Chinese friends are difficult, hard negotiators. Through mutual compromise we managed to reach not only acceptable, but rather satisfactory, terms on this contract for both sides. Both sides were in the end pleased by the compromise reached on price and other terms."

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