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Russia and China strengthen energy ties

Two agreements signed in Beijing 3 September serve to strengthen energy ties

One will give Silk Road Fund a 9.9% stake in the Novatek-operated 16.5m metric tonnes a year (t/y) Yamal LNG project. The other sets out plans to set up a working group to establish the key technical and commercial parameters of the Power of Siberia gas pipeline project, including the terms of delivery as well as a gas delivery point. Novatek’s statement put no value on the Novatek stake, which would leave the seller with 50.1%, the other partners being French Total – which also owns a minority stake in Novatek – and China National Petroleum Corp (CNPC), both of which have 20%. A range of sanctions imposed on Russian entities and individuals by western governments following Moscow’s involv

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