Russia (the world's largest energy producer) has agreed to supply China (the mayor consumer) with natural gas (After more than a decade of talks). This historic pact could see China surpassing Germany as the largest importer of Russian gas.
Russian state gas giant, Gazprom, plans conclude a 30-year supply deal with the Chinese by the end of the year, but the delivering will start in 2018 via a spur from pipeline.
For years, the two sides have failed to agree on price, but appear to be moving closer, due to the price that Gazprom receives in Europe has decreased.
Gazprom has accelerated its plans to send more deliveries to Asia after the EU announced an antitrust investigation against Gazprom.
The company also agreed to a partnership with China National Petroleum Corp. to develop oil fields both onshore and on Russia's Arctic shelf, being the first time Moscow has the commitment to give a substantial stake to China in its strategic oil sector.
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