Gazprom’s 30-year contract for gas supplies to China was based on an optimistic view of the oil market and offered no protection in the event of a prolonged period of low prices, the Russian company said yesterday.
The contract between the state-controlled Russian gas group and China’s CNPC was signed with much fanfare in May 2014, envisaging $400bn of gas deliveries over 30 years in what Gazprom said was the largest contract in its history.
However, since then oil prices have fallen more than 50 per cent, potentially imperilling the economics of the project, whose development cost Gazprom has estimated at $55bn.
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