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Gazprom, CNPC sign memorandum on JV for gas generation, underground gas storage in China

June 25, 21:29 UTC+3 BEIJING
The sides will study the prospects of cooperation in the sphere of creating underground reservoirs to store natural gas on China’s territory, Gazprom said in a statement
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BEIJING, June 25. /TASS/. Russia’s energy giant Gazprom and China National Petroleum Corporation (CNPC) signed a memorandum of understanding on cooperation on a joint venture for gas generation and underground gas storage in China, a TASS correspondent reported.

The document was signed in Beijing on Saturday by Gazprom CEO Alexei Miller and CNPC CEO Wang Yilin. The ceremony was held in the presence of Russian President Vladimir Putin and Chinese President Xi Jinping.

The sides will study the prospects of cooperation in the sphere of creating underground reservoirs to store natural gas on China’s territory, Gazprom said in a statement.

An analysis and assessment of geological, technological and economic conditions of creating gas storage facilities in Daqing, Jiangsu and Baiju will be carried out. By the end of August, the sides will study and define the most promising projects to build gas-fired power plants.

"The Russian-Chinese dialogue in the gas sphere encompasses new directions. Our cooperation in the sphere of underground storage and power generation will contribute to further deepening cooperation between companies and significant improvement of environmental situation in China," Miller said.

CNPC is one of the world’s largest integrated energy companies. In May 2014, Gazprom and CNPC signed a $400 bln contract on gas supplies to China along the eastern route in the next 30 years. The eastern route stipulates supplies of 38 bln cubic meters of Russian gas annually via the Power of Siberia pipeline.

In November 2014, Gazprom and CNPC signed a framework agreement on natural gas supplies from Russia to China through the western route. Natural gas supply via the pipeline is possible after 2020, with design capacity of 30 bln cubic meters a year to be reached within the next 6 years. In May 2015, Gazprom and CNPC inked an agreement on the main conditions for pipeline supplies of natural gas from Russia to China via the western route.

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