September 7, 2022 [Reuters] – China National Petroleum Corporation (CNPC), parent of PetroChina (601857.SS), said on Wednesday it had signed an agreement with Russia’s Gazprom (GAZP.MM) related to the Power of Siberia gas pipeline.

The agreement, signed during a video conference between CNPC Chairman Dai Houliang and Gazprom President Alexei Miller, was a supplementary agreement to the “Sino-Russian Eastern Route Natural Gas Purchase and Sale Agreement”.

The eastern route is also known as the Power of Siberia pipeline, which began operation in 2019.

No further details were given in the brief statement, which was posted on CNPC’s website.

Gazprom said on Tuesday it had signed an agreement to start switching payments for gas supplies to China to yuan and roubles instead of dollars.

Gazprom CEO Alexei Miller said allowing for payments in Russian roubles and Chinese yuan was “mutually beneficial” for both Gazprom and Beijing’s state-owned CNPC.

Reporting by Dominique Patton and Reuters

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