Posted on 09/02/2014 6:33:17 PM PDT by Lorianne
Russia and China have begun the construction of a new gas pipeline linking the countries, with a ceremony in the Siberian city of Yakutsk.
China's CNPC has agreed to buy $400bn (£240bn) of gas from Russia's Gazprom.
Russia will ship 38 billion cubic metres (bcm) of gas annually over a period of 30 years.
The deal will lessen Russia's dependence on European buyers, who have imposed economic sanctions because of the crisis in Ukraine.
The construction ceremony was attended by Russian President Vladmir Putin and Chinese Vice-Premier Zhang Gaoli.
China will start work on the construction of its side of the pipeline in the first half of 2015, Mr Zhang said.
The first gas will be pumped from Siberia to north-east China in early 2019.
(Excerpt) Read more at bbc.com ...
Must be nice to have leaders who can get together and say “hey, let’s build a pipeline”, and then go build a pipeline
It is possible that this deal will signal the beginning of the end of the dollar’s reserve currency status.
Oil prices are now about $8 per barrel less than what Russia would need to break even.
NATO and Europe are shitting on Putin and he’s not going to take it.
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