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Final decision on advance payment on gas contract with China up in the air — Gazprom

September 23, 2014, 8:32 UTC+3 YUZHNO-SAKHALINSK
In May, Gazprom confirmed the advance payment agreement with China National Petroleum Company (CNPC) in the amount of $25 billion
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Gazprom's deputy chairman of the management committee Alexander Medvedev

Gazprom's deputy chairman of the management committee Alexander Medvedev

© ITAR-TASS/ Zurab Dzhavakhadze

YUZHNO-SAKHALINSK, September 23. /ITAR-TASS/. The final decision on the advance payment on the natural gas contract with China is so far “up in the air,” said Alexander Medvedev, deputy CEO of Russia’s natural gas giant Gazprom told reporters on Tuesday.

“As I previously said, there is no need in advance payment for implementing gas delivery to China. It may serve as a tool for cutting the price for the Chinese side in view of Russia’s levying of customs duties. The advance payment may be potentially beneficial for both sides. But there is nothing critical in using or not using the advance payment,” Medvedev said.

In May, Gazprom confirmed the advance payment agreement with China National Petroleum Company (CNPC) in the amount of $25 billion. The advance payment sum matches the previously announced cost of the construction of the Power of Siberia gas pipeline with the capacity of up to 38 billion cubic meters per year. Gazprom CEO Alexei Miller said earlier that the gas pipeline construction would be launched right after the contract signing. Gas should be sold first — Gazprom has always stuck to this formula in the construction of infrastructure facilities, Miller said.

Gazprom and CNPC signed on May 21 a contact on gas delivery to China. The total cost of Gazprom’s contract with China’s CNPC will amount $400 billion for 30 years.

Infographics Supplies of Russian natural gas to China Supplies of Russian natural gas to China
May 21, 2014, Gazprom and CNPC have signed a deal on gas supplies to China

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