May 22, 2014 8:00 AM, EDT
Russia, China Sign 30-Year, $400 Billion Natural Gas Deal
Andrey Rudakov/Bloomberg News

Russia and China signed a $400 billion deal in which Russia will supply natural gas to China for 30 years.

The accord between the world’s largest energy exporter and the biggest consumer will allow Russia’s state-run gas Gazprom to invest $55 billion developing giant gas fields in eastern Siberia and building a new pipeline.

Gazprom supplies about a third of Europe’s natural gas. Gazprom CEO Alexey Miller signed the deal with Zhou Jiping, chairman of China National Petroleum Corp.

The agreement is for 38 billion cubic meters of gas annually over 30 years, or about 20% of its sales to Europe.

China’s liquefied natural gas-fueled heavy-duty trucks may increase fivefold in less than two years, according to a report released last year by Sanford C. Bernstein & Co.

LNG could power 247,000 vehicles by 2015, up from 51,000 in 2012, reducing China’s dependence on oil imports. China has about 5 million heavy-duty trucks, the report said.