A memorandum was signed in the presence of Russian President Vladimir Putin and President of China Xi Jinping. For Russia it is important to have the ability to export oil and gas and this was a long-awaited megadeal. China is a highly desirable market for energy suppliers and even Russia is not an exception. Some commentators observed the importance of this contract for Russia, appreciating that it could ease the impact of Western sanctions on the country. The execution of the contract will need an infrastructure sustained by the both countries. This will be at the same time he world’s largest construction project. Last year, China consumed about 170 billion cubic meters of natural gas and is expected to consume 420 billion cubic meters per year by 2020.
