Russian Gazprom, China's CNPC to continue gas talks
Gazprom and China National Petroleum Corporation (CNPC) will continue discussions on a major gas supply deal on Tuesday, Gazprom said on Monday after a second straight day of talks in Moscow, RIA Novosti reported.
A legally binding document on the main terms of delivery was signed on September 27, 2010, during President Dmitry Medvedev's trip to China, and there is pressure for the final deal on pricing to be agreed in time for Chinese President Hu Jintao's appearance at the St. Petersburg International Economic Forum later this week.
Energy-hungry China is becoming a major consumer of Russian energy, but a recent pricing dispute over oil deliveries shows how high the stakes are.
Russia's Transneft oil pipeline monopoly and Rosneft oil giant started crude supplies to China via the East Siberia- Pacific Ocean pipeline in January, but soon accused CNPC of underpaying for the oil by unilaterally cutting payments by 7 percent.
After weeks of wrangling the Russian companies said China had acknowledged and repaid most of the $250 million debt. Rosneft said last week that the contract price formula for crude oil supplied to China remains unchanged.
A legally binding document on the main terms of delivery was signed on September 27, 2010, during President Dmitry Medvedev's trip to China, and there is pressure for the final deal on pricing to be agreed in time for Chinese President Hu Jintao's appearance at the St. Petersburg International Economic Forum later this week.
Energy-hungry China is becoming a major consumer of Russian energy, but a recent pricing dispute over oil deliveries shows how high the stakes are.
Russia's Transneft oil pipeline monopoly and Rosneft oil giant started crude supplies to China via the East Siberia- Pacific Ocean pipeline in January, but soon accused CNPC of underpaying for the oil by unilaterally cutting payments by 7 percent.
After weeks of wrangling the Russian companies said China had acknowledged and repaid most of the $250 million debt. Rosneft said last week that the contract price formula for crude oil supplied to China remains unchanged.