Gazprom has signed a memorandum of understanding (MoU) with Chinese state owned oil and gas firm National Petroleum Corporation (CNPC) with a view to developing underground gas storage and gas-fired power generation in China.
Gazprom Management Committee chairman Alexey Miller said: “Our cooperation in the field of underground gas storage and gas-fired power generation will help deepen the relationship between the companies and considerably improve the environmental situation in China.”
The joint team will analyse the geological, technological, and economic conditions for creating UGS facilities in Heilongjiang, Jiangsu, and Zhejiang.
By late August, the parties expect to be in a position to select target projects in the field of gas-fired heat and power generation.
The firms will then make an investment decision for the selected projects, which will be offered by CNPC, and choose an organizational and legal framework for implementation.
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