Russia and China Seal Near $400 Billion Gas Deal

China and Russia have signed an accord, worth just under $400 billion, for the European country to supply the Asian powerhouse with a fifth of all its gas needs.

According to Bloomberg:

Russian President Vladimir Putin and Chinese President Xi Jinping signed the preliminary gas-supply agreement in Beijing as U.S. President Barack Obama arrived in the Chinese capital for the Asia-Pacific Economic Cooperation summit. The deal is slightly smaller than the $400 billion pact reached earlier this year, shortly after Russia annexed Crimea.

Russian oil firm OAO Gazprom is negotiating the supply of as much as 30 billion cubic meters of gas annually from developments in West Siberia to China over 30 years, it said. At the same time, another Russian producer, OAO Rosneft, agreed to sell a 10 percent stake in a Siberian unit to state-owned China National Petroleum Corp.

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