The presidents of China and Russia failed to sign a $400 billion gas supply deal at a meeting today in Shanghai.
Talks will continue as the two countries seek a compromise, Alexey Miller, chief executive officer of Russian gas-exporter OAO Gazprom, said in a statement after Vladimir Putin and his Chinese counterpart Xi Jinping signed bilateral agreements that didn’t include the gas deal.
Russian officials said before the meeting that the two sides were very close to deal, more than 10 years after talks started. The stumbling block has been price, though with Putin facing trade and financial sanctions from the U.S. and European Union after he annexed Crimea, a deal was seen as probable.
The two countries are working out pricing, and an agreement could be reached at any time, Dmitry Peskov, Putin’s spokesman, said after today’s meeting.
Source:Bloomberg
