Snail's pace

28 September 2010 By Jason Bush

Medvedev’s trip to Beijing has nudged forward a deal to supply the Chinese with gas. But the price hasn’t been fixed, the market has softened and new production technologies suggest that the longer China waits, the more options it will have.

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Russia's Gazprom will sell 30 billion cubic metres (bcm) per year of Russian gas to China under a deal signed with China National Petroleum Corp (CNPC) on Sept. 27. The 30year agreement sets the beginning of deliveries at end2015.

A final contract, including the price that China will pay for the imported gas, will be signed by the middle of next year, Russia's Deputy Prime Minister Igor Sechin said in Beijing, during a visit by a Russian delegation led by President Dmitry Medvedev. In October 2009, Sechin said that he hoped a contract would be signed by June 2010.

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