Russia ratifies agreement on natural gas supply

2023-06-08 Editor : Li Yan ECNS App Download

Russia has ratified an intergovernmental agreement with China on cooperation in natural gas supplies from Russia to China via the Far East route, after the Federation Council, the upper house of the Russian parliament, approved the law on ratification at a plenary session on Wednesday, according to Russia's TASS state news agency.

As soon as the project reaches its full capacity, the amount of Russian pipeline gas supplies to China will grow by 10 billion cubic meters, totaling 48 billion cubic meters per year, taking into account deliveries via the Power of Siberia gas pipeline, according to a statement on Russia's state-owned energy giant Gazprom's official website.

The agreement on natural gas cooperation via the Far East route was signed in Moscow and Beijing on Jan 31, 2023.

It defines conditions for cooperation in gas supplies from Russia to China along the Far East route, including the transboundary section of the gas pipeline across the Ussuri River near the cities of Dalnerechensk in Russia and the city of Hulin in China, according to TASS.

The document also regulates civil law, tax and customs issues of activities for the implementation of the provisions of the agreement, as well as defines a mechanism for resolving disputes if they arise, it said.

The agreement provides for the creation of an effective mechanism to implement the provisions of the contract for the sale of natural gas in the amount of 10 billion cubic meters on the Far Eastern route between PJSC Gazprom and the China National Petroleum Corporation dated Feb 3, 2022 "on the principles of equality, mutual benefit and long-term cooperation."

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