Russian steelmakers to benefit from Gazprom’s deal with China.
Edited by Rhod Mackenzie / 2014-06-04 06:33:31
Metals and mining Oil and Gas Russia China Oil and Gas Magnitogorsk metallurgic plant MMK Severstal TMK Pipes United Metallurgical Company (OMK) Russia Metals and Mining Russia Oil and Gas Gas Steel Oil Pipelines
Russian steel companies including Severstal and MMK, will benefit from the landmark 30 - year deal between Gazprom and China on gas supplies and the construction of pipelines, Reuters reports, citing the forecasts of the Moody's rating agency.
The deal worth more than $ 400 billion was made last month and it was a real triumph for Russia against the risks of the loss of the gas buyers from Europe because of the annexation of the Crimea in March 2014.
Russia has agreed with China on $ 25 billion advance payment under the contract and is supporting Moscow's plans to invest $ 55 billion into the construction of a pipeline to China.
