Gulf Oil and Gas accountACCOUNT

Gazprom and CNPC Discuss Cooperation in UGS

Source: www.gulfoilandgas.com 5/28/2012, Location: Asia

Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee and Wang Dongjin, Vice President of the China National Petroleum Corporation (CNPC) had another round of commercial negotiations.

The meeting discussed a wide range of issues related to arranging Russian pipeline gas and LNG supplies to China. The parties exchanged views on expanding their cooperation, including underground gas storage in China.

CNPC is the largest state-owned petroleum company in China (the Government holds a 100 per cent stake) and is one of the world's leading integrated oil and gas production companies.

Gazprom and CNPC signed the Agreement of Strategic Cooperation on October 14, 2004. Among other things, the Agreement covers examination of the issues relative to the arrangement of natural gas delivery from Russia to China by Gazprom. The opportunities are also being explored for joint gas processing and gas chemical projects in eastern Russia and in third countries. The Joint Coordinating Committee was set up to supervise the Agreement implementation. The Committee resolved to set up the Joint Working Group to ensure day-to-day execution of the Agreement in parallel with working groups for major joint businesses.

In October 2009 Gazprom and CNPC inked the Framework Agreement on major terms and conditions for natural gas supply from Russia to China. In December 2009 the Basic Major Terms of Gas Supply from Russia to China were signed.

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