Price remains hurdle in talks to secure Russian natural gas
By Du Juan (China Daily) Updated: 2014-05-21 06:44Sun said he is positive on China and Russia's energy cooperation since the strategic partnership between the two has to be based on stronger ties, such as signing this deal which involves huge capital trading for decades to come.
"It is not surprising either way, whether Russia and China finally sign the deal nor not," said Chen Weidong, chief energy researcher at the CNOOC Energy Economics Institute.
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"Energy cooperation is a business behavior," Chen said. "It requires fairness and mutual benefits, which leads to a sustainable partnership," Chen said.
The shale gas revolution made the United States the largest natural gas producer in 2012, according to the US Energy Information Administration.
Iraq's oil output has been increasing rapidly, which will bring stability to the world's energy market. According to the International Energy Agency, the country's crude oil output will double from the current 3 million barrels a day by 2020.
Iraq will replace Russia to become the second-largest crude oil exporter following Saudi Arabia by 2030, the IEA said.
China - the country with the biggest shale gas reserve in the world - is investing huge money on its shale gas development. "All those factors will gradually change the world's oil and gas structure with increasing supply," said Chen.
In addition, the increasing investment in the infrastructure to deliver liquefied natural gas will push the globalization of the natural gas trading, he said.
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