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Gazprom-CNPC Deal on Gas Storage Likely

Gazprom-CNPC Deal on Gas Storage LikelyGazprom-CNPC Deal on Gas Storage Likely

Energy suppliers Russia's Gazprom and China's National Petroleum Corporation may sign a framework agreement on underground gas storage facilities construction in the upcoming bilateral summit in China, Russian Vedomosti newspaper reported Wednesday, citing a source in CNPC.

The scope of the deal is expected to cover construction on the Chinese territory. Neither Gazprom nor Kremlin has made any comments on the deal so far, Sputnik reported.

Russian President Vladimir Putin is set to pay an official visit to China on June 25 at the invitation of his Chinese counterpart, Xi Jinping. Moscow and Beijing are expected to sign over 30 cooperation agreements during the event.

CNPC is a Chinese state-owned oil and gas corporation and the largest integrated energy company in China. Public Joint Stock Company Gazprom is a large Russian company founded in 1989, which is active in the fields of extraction, production, transport and sale of natural gas.

Financialtribune.com