Russia signs 30-year gas deal with China

Russia's President Vladimir Putin has signed a multi-billion dollar, 30-year gas deal with China. The deal between Russia's Gazprom and China National Petroleum Corp (CNPC) has been 10 years in the making. No official price has been given but it is estimated to be worth over $ 400bn. 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. Gazprom shares rose 2% on the news. How significant is the deal? The agreement, signed at a summit in Shanghai, is expected to deliver some 38 billion cubic meters of… – Photown News