Important agreements during the SPIEF for the oil and gas industry

Important agreements during the SPIEF for the oil and gas industry


The signed contracts and agreements during one of the well-known international forums-St. Petersburg International Economic Forum, cover various businesses, different sectors and aspects of life; such as: telecommunication channels, hydroelectricity, medicine and many more.
Looking from the Russia’s perspective, it is worth mentioning the oil and gas sector, as Russia is by far the world's largest natural gas exporter. It has the second largest coal reserves, the eighth largest oil reserves, and is one of the largest producers of oil.
One of the agreements was signed between Germany and Russia. German energy company VNG AG and Russia’s Gazprom signed a deal on gas supply to VNG Handel & Vertrieb. According to the agreement, in 2021-2022, Gazprom will supply up to 3.5 billion cubic meters of gas to VNG Handel & Vertrieb annually. VNG AG's scope of activities includes the import of natural gas, its underground storage and the supply of consumers in the eastern federal states of Germany and Berlin.
One more agreement between China and Russia. According to the representative of Gazprom, on 1 December 2019, China will start receiving its first gas deliveries via the Power of Siberia gas pipeline.
“This year, our goal with our Chinese partners was to finalize all necessary agreements regarding product sales and the construction of a [gas chemical – Ed.] factory,” Vadim Medvedev, Vice President, ESN Group.
As an answer Zhang Kaiyong, General Director, Shaanxi Yanchang Petroleum Group, said: “We plan to grow our cooperation with Russia to participate in more LNG projects. We also hope to cooperate with regards to oil and gas, coal, etc.,”
As we see once more, such kind of events are essential for the economic and political development of Russia.

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