The 30-year agreement between Russia’s Gazprom and China National Petroleum Corp (CNPC) was formally signed by Russia’s President Vladimir Putin during a summit in Shanghai between the leaders of the two nations.
Russia has been keen to find an alternative energy market for its gas as it faces the possibility of European sanctions over the crisis in Ukraine and while no officially price has been given for the Russia-China deal, it is estimated to be worth over $400 billion.