Vladmir Putin arrives in Beijing to attend the WinterOlympics and announces a new gas supply deal with China in meeting with Xi Jinping
, headed by long-standing Putin ally Igor Sechin, signed a deal with China's CNPC to supply 100 million tonnes of oil through Kazakhstan over 10 years, effectively extending an existing deal.The agreements bolstered the rouble and the Russian stock market, including shares in Rosneft and Gazprom.Putin has accused the United States of stoking tensions over Russia's neighbour Ukraine, which has angered Moscow by wanting to join NATO.
Gazprom said in a statement it planned to increase gas exports to China to 48 bcm per year, including via a newly agreed pipeline that will deliver 10 bcm annually from Russia's Far East. "Delivering gas to China's northeastern tip makes this project strategically attractive for China, as the only real alternative supply would be more expensive LNG," Moscow-based BCS brokerage said in a note about the 10 bcm deal.An industry source told Reuters earlier on Friday that Gazprom, which has a monopoly on Russian gas exports by pipeline, had agreed a 30-year contract with China's CNPC, with the first gas to flow through the new pipeline in two or three years.
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