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Gazprom, CNPC to Build Gas Pipeline

Gazprom, CNPC to Build Gas PipelineGazprom, CNPC to Build Gas Pipeline

Russia's energy giant Gazprom and China National Petroleum Corporation signed an engineering, procurement and construction contract to construct the Power of Siberia pipeline under Amur River, Gazprom's press service said in a statement on Sunday. According to the statement, the contract was signed by Gazprom CEO Alexei Miller and CNPC Chairman Wang Yilin on the sidelines of the G20 summit in Hangzhou, China, Sputnik reported. The statement added that China Petroleum Pipeline would be the project's contractor. The Power of Siberia is the pipeline between Russia and China, which is expected to become operational in late 2019. Gazprom and CNPC signed the framework agreement aimed at delivering 38 billion cubic meters of natural gas annually in 2013. In 2015, Gazprom and CNPC signed a supplementary agreement on constructing a second "western route" pipeline, known as the Power of Siberia-2. The Power of Siberia-2 has a planned annual capacity of 30 billion cubic meters, with possible second and third legs boosting annual capacity to 100 billion cubic meters.

 

Financialtribune.com