Energy Insider: China, Russia Ink 30-Year Gas Supply Deal

In today’s Caixin energy news wrap: Oil prices soar to seven-year highs; China exports less and less refined oil products; state oil giant says business unaffected despite penalty; and China seeks closer ties with Argentina.

Russia’s Gazprom hails new 30-year gas deal with China

Russian state-owned energy giant Gazprom PJSC unveiled a 30-year supply deal with China that will increase the amount of natural gas it pipes to its neighbor from fields in Russia’s Far East in what the company said was a sign of Moscow’s close ties with Beijing. Gazprom said Friday that the deal will allow it to annually deliver 10 billion cubic meters of gas to China National Petroleum Corp. (CNPC) via the Far Eastern pipeline, increasing the company’s total piped gas sales to China to 48 billion cubic meters a year at maturity.