China, Turkmenistan sign 30-year gas deal

China and Turkmenistan have signed a 30-year deal to increase China’s purchases of natural gas by 30%, the Wall Street Journal reported, citing Turkmen state media. Vice Premier Li Keqiang met with his Turkmen counterpart earlier this week to sign the contract, which will see China buy 40 billion cubic meters of gas annually from the central Asian country. China and Turkmenistan have been engaged in a number of energy deals recently; in addition to a 7,000-kilometer pipeline between the two countries that is expected to be finished this year, Beijing and Ashgabat in early June agreed on a US$3 billion loan deal to expand a Turkmen gas field. The new deal follows the announcement of Sinopec’s agreement to buy Toronto- and London-listed Addax Petroleum.