MOSCOW, December 22 (RIA Novosti) - Russian energy giant Gazprom has signed a contract for the construction of an underground natural gas storage facility in China, the company said Thursday.
The contract was signed in China by a Gazprom delegation led by Deputy Chairman Alexander Ananenkov.
The design of the storage facility will be done by Gazprom's research center.
Gazprom and state-owned China National Petroleum Corporation (CNPC), one of the world's largest companies in the sphere and which incorporates prospecting companies, producers, transporters, refineries and storage facilities, held meetings to look into the implementation of their strategic cooperation agreement signed in October 2004 during Russian President Vladimir Putin's visit to China and drew up a cooperation plan for next year.
CNPC supplies 79% of China's oil demand, controls 95% of the domestic natural gas market and 40% of the oil products market. It is party to 27 projects being implemented abroad.
