CNPC seals Uzbek gas deal
By Pan Xiaoyi |
June 11, 2010, Friday
|
Print Edition
Print Edition
CHINA National Petroleum Corp said yesterday it has agreed to buy 10 billion cubic meters of natural gas from Uzbekistan annually.
The parent of PetroChina, the country's biggest oil and gas producer, signed an agreement on natural gas supply with Uzbekistan oil company Uzbekneftegas on Wednesday, witnessed by President Hu Jintao and President Islam Karimov of Uzbekistan, CNPC said in a statement on its Website.
Hu was on a visit to Uzbekistan yesterday to attend the two-day 10th annual summit of the Shanghai Cooperation Organization in Tashkent, the capital.
CNPC didn't disclose the deal's value and date the supply will start.
The gas will be transmitted through the China-Uzbekistan natural gas pipeline, part of the 1,833-kilometer China-Central Asia pipeline that became operational in December 2009, according to the statement.
The China-Central Asia gas pipeline starts from the boarder with Turkmenistan and extends to the border pass of Horgos in northwest China's Xinjiang Uygur Autonomous Region, and then links China's natural gas transmission system to major cities like Shanghai, Guangzhou and Hong Kong.
So far, the gas pipeline transports natural gas from Turkmenistan under a 30-year deal sealed in June 2009 to supply up to 40 billion cubic meters of natural gas annually to China from this year.
Natural gas consumption totaled 90 billion cubic meters in 2009 and Fitch Ratings expects growth to remain strong at 8 percent to 10 percent annually for the next few years, with the imported resource accounting for an increasing share of domestic gas consumption.
Natural gas imports are seen at over 15 billion cubic meters this year, more than doubling 7.8 billion cubic meters in 2009.
The two nations also signed a memorandum to cooperate in natural gas exploration, jointly develop oil and gas and the mining industry.
The parent of PetroChina, the country's biggest oil and gas producer, signed an agreement on natural gas supply with Uzbekistan oil company Uzbekneftegas on Wednesday, witnessed by President Hu Jintao and President Islam Karimov of Uzbekistan, CNPC said in a statement on its Website.
Hu was on a visit to Uzbekistan yesterday to attend the two-day 10th annual summit of the Shanghai Cooperation Organization in Tashkent, the capital.
CNPC didn't disclose the deal's value and date the supply will start.
The gas will be transmitted through the China-Uzbekistan natural gas pipeline, part of the 1,833-kilometer China-Central Asia pipeline that became operational in December 2009, according to the statement.
The China-Central Asia gas pipeline starts from the boarder with Turkmenistan and extends to the border pass of Horgos in northwest China's Xinjiang Uygur Autonomous Region, and then links China's natural gas transmission system to major cities like Shanghai, Guangzhou and Hong Kong.
So far, the gas pipeline transports natural gas from Turkmenistan under a 30-year deal sealed in June 2009 to supply up to 40 billion cubic meters of natural gas annually to China from this year.
Natural gas consumption totaled 90 billion cubic meters in 2009 and Fitch Ratings expects growth to remain strong at 8 percent to 10 percent annually for the next few years, with the imported resource accounting for an increasing share of domestic gas consumption.
Natural gas imports are seen at over 15 billion cubic meters this year, more than doubling 7.8 billion cubic meters in 2009.
The two nations also signed a memorandum to cooperate in natural gas exploration, jointly develop oil and gas and the mining industry.
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