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China, Russia ink long-awaited gas deal

CHINA and Russia today inked the long-awaited gas deal in Shanghai, ending the decade-long natural gas supply talks between the two neighbors.

The deal came one day after visiting Russian President Vladimir Putin said that "significant progress" had been made over the price in the lengthy talks.

Two documents, China and Russia Purchase and Sales Contract on East Route Gas Project and a memorandum, were signed at a ceremony attended by Chinese President Xi Jinping and Russian President Vladimir Putin.

Over the past years, talks, which started in 2004, have stalled over price.

The gas supply deal was signed on the sidelines of the fourth Summit of the Conference on Interaction and Confidence Building Measures in Asia, a regional security summit which Putin and Xi are attending.

China and Russia have vowed to strengthen cooperation in energy and infrastructure in Russia. According to a joint statement signed by the two leaders after their talks yesterday, the two countries will "establish a comprehensive energy cooperation partnership."

Zhou Jiping, Chairman of China National Petroleum Corporation and Wu Xinxiong, head of China's National Energy Administration and also deputy head of the National Development and Reform Commission, China's top economic watchdog, signed the deal on the Chinese behalf.


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