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Russia: We could supply gas to China for 300 years - Gazprom's Miller01:07

Russia: We could supply gas to China for 300 years - Gazprom's Miller

Russian Federation, Moscow
June 26, 2015 at 14:32 GMT +00:00 · Published

SOT, journalist (Russian): "Let's assume this is true. I just don't understand it can be as it is connected to the oil price."

SOT, Alexei Miller, CEO of Gazprom (Russian): "I said for 30 years. That's our assessment of the value of the contract - $400 billion for 300 years. For 30. What are you laughing about? We can easily supply gas to China for 300 years."

Russia could easily supply gas to China for 300 years, the CEO of Gazprom Alexei Miller jokingly said in Moscow, Friday, adding that Gazprom's assessment of the contract for the 'Power of Siberia' pipeline project remains unchanged at $400 billion (€358 billion).

Speaking at the Gazprom annual stockholders meeting, Miller assured the asking journalist that the plunging oil prices do not affect Gazprom's assessment of the contract, which was calculated for a runtime of 30 years. "Our assessment of the contract [Power of Siberia] was $400 billion last year. This year it is $400 billion. Next year it will be $400 billion and in a few years it will be also $400 billion. For 30 years," Miller said.

The Power of Siberia pipeline is a natural gas pipeline under construction to transport gas from Yakutia to Vladivostok and Far East countries such as China. In May 2014, China and Russia signed a 30-year gas deal, which was needed to make the project profitable. It is expected to have a maximum discharge of 61 billion cubic meters per year. The construction from Vladivostok to China is due to start later in 2015.

Russia: We could supply gas to China for 300 years - Gazprom's Miller01:07
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SOT, journalist (Russian): "Let's assume this is true. I just don't understand it can be as it is connected to the oil price."

SOT, Alexei Miller, CEO of Gazprom (Russian): "I said for 30 years. That's our assessment of the value of the contract - $400 billion for 300 years. For 30. What are you laughing about? We can easily supply gas to China for 300 years."

Russia could easily supply gas to China for 300 years, the CEO of Gazprom Alexei Miller jokingly said in Moscow, Friday, adding that Gazprom's assessment of the contract for the 'Power of Siberia' pipeline project remains unchanged at $400 billion (€358 billion).

Speaking at the Gazprom annual stockholders meeting, Miller assured the asking journalist that the plunging oil prices do not affect Gazprom's assessment of the contract, which was calculated for a runtime of 30 years. "Our assessment of the contract [Power of Siberia] was $400 billion last year. This year it is $400 billion. Next year it will be $400 billion and in a few years it will be also $400 billion. For 30 years," Miller said.

The Power of Siberia pipeline is a natural gas pipeline under construction to transport gas from Yakutia to Vladivostok and Far East countries such as China. In May 2014, China and Russia signed a 30-year gas deal, which was needed to make the project profitable. It is expected to have a maximum discharge of 61 billion cubic meters per year. The construction from Vladivostok to China is due to start later in 2015.

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