China National Petroleum Corp expects 100 bcm natural gas supply every year from Russia, CNPC's Deputy Director General, Policy Research Office, Wang Zhen said Wednesday.
"The government is much more optimistic with a target of 400 billion," Reuters quoted Wang as saying while speaking to reporters at a conference in Yuzhno-Sakhalinsk on Russia's Pacific island of Sakhalin. He added that CNPC’s natural gas demand should reach at least 330 billion cubic meters by 2020.
According to Wang, Russia’s supplies may reach 100 bcm a year. He said that China is interested in taking part in hydrocarbons production projects in Russia, Russian news agency Tass reported.
The research unit of China’s biggest state oil firm said the gas demand in the country would grow more slowly by the end of the decade than it was officially predicted by the government. According to the National Development and Reform Commission’s 2015 forecast in January, China’s consumption should be 200 bcm despite the demand having decreased due to the economic slowdown.
Rosneft and the China National Oil & Gas Exploration and Development Corporation signed a framework agreement in November. The Chinese company, according to the agreement, buys 10 percent share in Vankorneft.
According to Reuters Africa, the recent economic slowdown in China has not affected talks on Russian gas import via the Western Altai router. Wang said it was a “long-term project,” which would not be affected despite the slowdown.
In 2014, Russia and China agreed to start deliveries of 38 bcm via an eastern pipeline at the end of 2018 or start of 2019. Russian President Vladimir Putin could not secure the Altai pipeline project during his visit to China earlier in September.