After 20 years of negotiation Russia and china reached an agreement of thirty years ,costing 400 billion dollars , Russia has an estimated 3 trillion cubic metres in natural gas reserves in its gasfields, enough to last for 50 years.
Commenting on the historic gas deal with China, Putin said Russia has abundant gas resources to supply not only China, but also the all Russian provinces, confirming that both routes – eastern and western – through the Power of Siberia and Altai pipelines will be developed.
Lately Gazprom signed its biggest deal in history, a $400 billion 30-year contract with CNPC of china under which the company will supply 38 billion cubic meters of gas to China per year. This big contact will ease the pressure on Russia after western sanctions on Russia due to Ukrainian crisis ,but this deal will come into force in 2018 ,china will receive its supply of natural gas by 2018 .
In 2013, China consumed about 170 billion cubic meters of natural gas and it will be more than that quantity after 7 years ,to alleviate the hunger of growing china economy ,it is expected that china will consume about 420 billion cubic meters per year by 2020.