Gazprom said on Oct 22 it has agreed a price formula with state China National Petroleum Corp. (CNPC) for gas pipeline deliveries of 38 billion cubic meters per year (3.67 billion cubic feet per day), but declined to divulge final price terms. Gazprom head Alexei Miller said only that the formula is based on a "multiplicative factor" of a basket of oil products — not the linkage to the Japanese Crude Cocktail (JCC) the Russian gas giant originally sought, nor the linkage to US Henry Hub gas CNPC had reportedly been eyeing (WGI Sep.25'13).
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