Russia’s Gazprom and China’s CNPC have agreed to convert payments for gas supplied via Power of Siberia to rubles and yuan, the Russian company said.
In a message published today by the Russian Gazprom on its Telegram page, it says: “Alexey Miller (President of Gazprom) and the Chairman of the Board of Directors of CNPC discussed a wide range of areas of cooperation between the two companies … Additional agreements were concluded. a gas purchase and sale agreement was signed on a long-term basis along the “eastern route” – the Power of Siberia gas pipeline, where an agreement was reached on the conversion of (Russian) payments for gas to China into national currencies, rubles and yuan .
Miller saw the new payment mechanism as a profitable, reliable and mutually beneficial solution that would simplify trade settlement processes and give impetus to the development of the economies of Russia and China.
The head of Gazprom also indicated that this step would become a role model for other companies.
The Power of Siberia is a gas pipeline designed to pump natural gas from the fields of the Russian Far East to China; deliveries through it to China began on December 2, 2019.
In early February 2022, Gazprom signed a second long-term contract with the Chinese company CNPC for the supply of blue fuel via the new Power of Siberia-2 route (the project is planned to be launched) through Mongolia, which will increase natural gas exports to China by another 50 billion cubic meters per year.
Source: El Iktisad
