working meeting between Alexey Miller, Gazprom’s Management Committee Chairman and Chen Geng, President of China National Petroleum Corporation (CNPC) took place today at Gazprom’s Headquarters.

The meeting addressed the outlook of cooperation in the gas business, including plans on Russian natural gas deliveries to the Chinese market, joint projects on the development of gas transmission and distribution networks in China and other promising directions of cooperation.

The parties agreed to enter in October in Beijing into an Agreement on strategic cooperation between Gazprom and CNPC.

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For the time being, natural gas share in the Chinese fuel and energy balance accounts for 2%, to potentially grow to 10% over the nearest 5 years. Gas to be extracted will be used in China’s residential sector, as industrial fuel and feedstock in the chemical industry and in the power generation sector, as well.

China National Petroleum Corporation (CNPC) is the largest national oil and gas business in China (the State holds a 100% stake in the company) and one of the leading global oil and gas producing firms.

Founded in 1998 based on the former Petroleum Industry Ministry of People’s China Republic, CNPC is nowadays comprised of businesses dealing with oil and gas exploration, production, transmission and storage, refining and petrochemistry as well as scientific research.

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