Gazprom, CNPC discuss natural gas ties

April 30, 2012 at 9:24 AM
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MOSCOW, April 30 (UPI) -- Russian energy company Gazprom said it discussed underground gas storage in China during talks with executives from the China National Petroleum Corp.

Alexei Miller, the top executive at Gazprom, met with Jiang Jiemin, chairman of the CNPC, in Moscow.

"The parties discussed a wide spectrum of issues including those related to oil and natural gas supplies to China, underground gas storage in the country, sci-tech and personnel training cooperation," Gazprom said in a statement.

The countries signed a strategic cooperation agreement in 2004. Russian officials said trade between the countries could reach $200 billion within 10 years.

Russian state-owned oil company Rosneft holds a 49 percent interest in a refinery near the Bohai Gulf area of the Yellow Sea. It has the capacity to handle as much as 200,000 barrels of oil per day and relies on oil from East Siberia for 70 percent of its volume.

Russian Prime Minister Vladimir Putin, during 2011 talks with Chinese Premier Wen Jiabao, said both sides should focus on energy trade.

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