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China raises gas prices amid hopes for Russia supply deal

Reforms set to boost state-run PetroChina's finances and could help the country seal a gas supply deal with Gazprom

Chinese regulators have announced major gas price reforms that will boost state-run PetroChina's finances and could help the country finally seal a long-discussed gas supply deal with Russia's Gazprom. China's powerful economic planning body the National Development and Reform Commission (NDRC) will raise average city-gate natural gas prices by 15% to 1.95 yuan ($0.32) per cubic metre (cm) - or about $8.90 per million British thermal unit (Btu) - for non-residential users from 10 July. Significantly, it will also tie incremental gas sales to an oil-linked formula, which could see prices increase as much as 50% in China's industrial heartland on the east coast. It is the first big increase

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