Chairman of Gazprom’s Management Committee Alexey Miller and Chairman of China National Petroleum Corporation (CNPC) Zhou Jiping signed the agreement on 5 September in St Petersburg.
The agreement has stipulated legally binding terms such as supply volume, supply condition, and the take-or-pay level.
The signing ceremony took place in the presence of Russian President Vladimir Putin and President of the People’s Republic of China Xi Jinping.
In October 2009 Gazprom and CNPC signed the framework agreement on the major terms and conditions of natural gas supplies from Russia to China. The agreement stipulates annual exports of up to 68 Bcm of gas to the Chinese market.
In March 2013 Gazprom and CNPC signed the Memorandum of Understanding for co-operation between the two companies in pipeline gas deliveries to China via the eastern route.