MOSCOW (Sputnik) – Russian energy giant Gazprom and China’s largest energy producer CNPC signed a memorandum of understanding on Saturday that paths the way for building underground gas storage facilities in eastern China, Gazprom said.
"The sides will analyze and assess geological, technological and economic prerequisites for creating underground reservoirs to store natural gas in Daqing, Jiangsu and Baiju," the statement read.
The companies will set up a joint venture to implement the projects. They also have until the end of August to identify the most promising projects to build gas-fired power plants.
Simultaneously, Russia’s major gas producer Novatek signed a protocol with the China Development Bank and the Export-Import Bank of China to finance a liquefied natural gas (LNG) project in northwestern Siberia, Yamal LNG.
