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| Russia and China reach 30-year energy deal | |
| (about 1 hour later) | |
| Russia and China have signed a multi-billion dollar gas deal as the Kremlin moves to reduce its reliance on the West and establish new energy markets outside Europe. | Russia and China have signed a multi-billion dollar gas deal as the Kremlin moves to reduce its reliance on the West and establish new energy markets outside Europe. |
| The terms of the 30-year contract, including the price China is set to pay for Russian gas, were not disclosed, but it is understood the deal is worth $400 billion. | The terms of the 30-year contract, including the price China is set to pay for Russian gas, were not disclosed, but it is understood the deal is worth $400 billion. |
| President Vladimir Putin said the pricing was satisfactory for both sides following "difficult" and "tense" negotiations that went late into the night. | |
| Shares in Gazprom, the Russian state-controlled energy giant, jumped 2 per cent after the last-minute deal, which will see Russian export up to 38 billion cubic meters of gas annually for 30 years beginning in 2018, was announced. | Shares in Gazprom, the Russian state-controlled energy giant, jumped 2 per cent after the last-minute deal, which will see Russian export up to 38 billion cubic meters of gas annually for 30 years beginning in 2018, was announced. |
| The Kremlin hopes new trade links with China will cancel out the impact of Western sanctions over the ongoing Ukraine crisis and to diversify its markets for gas. China will benefit from a new supply of gas and reduce its reliance on coal. | The Kremlin hopes new trade links with China will cancel out the impact of Western sanctions over the ongoing Ukraine crisis and to diversify its markets for gas. China will benefit from a new supply of gas and reduce its reliance on coal. |
| Industry estimates suggest that the price of the agreement may have come in at around $350 per thousand cubic metres, below the Western European average of $380. | Industry estimates suggest that the price of the agreement may have come in at around $350 per thousand cubic metres, below the Western European average of $380. |