MASSIVE NATURAL GAS DEAL BETWEEN RUSSIA AND CHINA

May 21, 2014

By Michael Kramer

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A gigantic natural-gas deal signed between Russia and China racks up some huge numbers but observers say it’s not big enough to keep Canadian exports out of the growing Chinese market.

The value of the contract is pegged at $400 billion and covers a 30-year period.

The deal comes as Russia sees growing isolation from it’s traditional customers after it’s annexation of Crimea.

The director of the University of Alberta’s China Institute, Gordon Houlden says China’s demand for natural gas is massive as it replaces coal-fired power with cleaner-burning fuels.

He says China wants to buy its liquid natural gas from a wide array of different suppliers – but for Canada to compete globally it must build export infrastructure quickly.

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