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China and Russia signed off on a huge gas supply deal worth around $400 billion.
According to Reuters, Russian President Vladimir Putin and China’s Xi Jinping witnessed the deal being inked between state-controlled entities Gazprom and China National Petroleum Corp. in Shanghai on Wednesday.
Gazprom spokesman Sergey Kupriyanov told the Associated Press that the deal calls for Russia’s Gazprom to supply China National Petroleum Corp. with 38 billion cubic meters of gas each year starting in 2018.
The 30-year agreement is a win for Putin, who wants to expand deals with Asian partners since most Europeans are looking to reduce their energy and dealings with Moscow.
Despite the Russian leader’s unpopularity in the West, he received a warm reception in China where he has been on a two-day visit.
"Through mutual compromise we managed to reach not only acceptable, but rather satisfactory, terms on this contract for both sides. Both sides were in the end pleased by the compromise reached on price and other terms," Putin said.