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China Gas Deal Closer

Gazprom and China's CNPC have agreed on all but the starting point of indexed prices on Russian gas supplies to China, Gazprom deputy chairman Alexander Medvedev said at the World Gas Congress in Kuala Lumpur, Interfax reported Wednesday.

"The Chinese side proposed an integrated approach — jointly transporting gas to the target markets and jointly marketing it. We agreed to consider whether it's a place to bring in additional revenue," Medvedev said.

The Gazprom press service reported that Medvedev and CNPC vice president Wang Dongjin discussed supplying liquefied natural gas. Medvedev told reporters Wednesday that the capacity of the LNG plant in Vladivostok could be up to 25 million tons per year, rather than 10 million tons per year as mentioned earlier. Gazprom also said there is a "good chance" that all three phases of its Shtokman gas field will be developed into liquefied natural gas.


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