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| Version 1 | Version 2 |
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| Russia and China reach 30-year energy deal | Russia and China reach 30-year energy deal |
| (35 minutes 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 in Asia. | |
| 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 after Moscow and Beijing failed to strike a deal on Tuesday. | |
| "Our Chinese friends are difficult, hard negotiators," said Mr Putin, who is currently in Shanghai on a two-day state visit. "Through mutual compromise we managed to reach not only acceptable, but rather satisfactory, terms on this contract for both sides." | |
| 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 diversify its markets for gas. China will benefit from a new supply 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. |