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Russia, China close in on mega gas deal

Russia and China on Thursday said that they had made progress towards agreeing a mega deal for the delivery of Russian gas to its energy-hungry eastern neighbour.



Moscow: Russia and China on Thursday said that they had made progress towards agreeing a mega deal for the delivery of Russian gas to its energy-hungry eastern neighbour.

Russian gas giant Gazprom and China`s state energy firm signed an agreement after a meeting between Presidents Xi Jinping and Vladimir Putin ahead of the G20 summit in Saint Petersburg on the "fundamental conditions" for the gas delivery.

Gazprom`s chief executive Alexei Miller said he hoped the final deal -- which has been negotiated for several years already -- could be signed by the end of the year.

The deal envisages Russia pumping 38 billion cubic metres of gas to China from 2018, a major change from the Russian firm`s current orientation towards European export.

"Everything has been agreed, except the price," a source close to Gazprom informed. The price has been the main sticking point for years in the talks.

AFP

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