Kazan hosted another round of commercial negotiations between Gazprom and China National Petroleum Corporation (CNPC). The delegation of Gazprom was headed by Alexander Medvedev, Deputy Chairman of the Company’s Management Committee; while Wang Dongjin, Vice President of CNPC led the Chinese delegation.

The parties continued coordinating commercial parameters of the future Russian natural gas supplies to the market of the People’s Republic of China (PRC) provided for in the June 2009 Russian-Chinese Memorandum of Understanding for cooperation in the natural gas sector and the Road Map serving as an addendum to the Memorandum and defining specific efforts to deepen cooperation between the parties.

The delegations exchanged the updated price proposals that helped the parties come closer to agreement on the pricing for the Russian gas that would be supplied to the PRC under long-term contracts.

The CNPC representatives informed their counterparts on the current situation in China’s energy sector including the status of the natural gas market, as well as on the development trends in the Chinese gas production industry, which involved non-conventional gas production projects.

In addition, the parties exchanged opinions on the recent trends and current forecasts for the global energy market development.