Energy News

Transactions for Russian gas supplies to China to be made in rubles and yuan

by teleSUR

On Tuesday, Russian energy giant Gazprom announced the start of transactions between Russia and China for gas supplies in rubles and yuan.

“The new payment mechanism is a practical, reliable, timely and mutually beneficial solution. I believe it will simplify calculations, become an excellent example for other companies and give additional impetus to the development of our economies,” said Gazprom’s President Alexei Miller.

Miller and China National Petroleum Commission (CNPC) board chairman Dai Houliang held a videoconference meeting today. They discussed the project to supply gas from Russia to China via the “Far East” route.

In this regard, Miller informed his Chinese counterpart about the progress of works on the connection of the Kovikta gas field with the “Siberian Force” gas pipeline. This will make it possible to increase “the volume of gas deliveries to China by 2023,” according to Gazprom.

The Siberian Force 2 pipeline in the Eurasian giant and the Soyuz Vostok pipeline in Mongolia to connect the gas transportation systems between Russia and China are the focus of attention of the two nations at the moment.

It was also reported that new long-term gas purchase and sale agreements were signed through the “Siberian Force” pipeline.

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