Russian President Vladimir Putin told Chinese media that the strength of Russia-China
relations is at an all-time high as the two countries are reportedly finalizing a 30-year
gas-supply deal.
"Now Russia-China cooperation is advancing to a new stage of
comprehensive partnership and strategic interaction," Putin said. "It
would not be wrong to say that it has reached the highest level in all its
centuries-long history."
The gas deal, which has been on the table for over 10
years, would send 38 billion cubic meters of natural gas to China
each year starting in 2018 with the potential to expand the annual
capacity to 61 billion cubic meters.
China consumed about 170 billion cubic meters of natural gas
in 2013 and set a target of up to 420 billion cubic meters a year by 2020.
Europe is Russia’s largest energy importer as it bought more
than 160 billion cubic meters of natural gas in 2013, but tensions and
sanctions over Putin's meddling in Ukraine
have Russia looking elsewhere.
Consequently, the deal is huge for the Kremlin since natural gas
represents nearly 60% of Russia's total
exports.
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