00:00And energy demands are growing, and that includes the Chinese economy, which is still one of the locomotives of global economic development. Over 5% growth. And that growth is from a good baseline.
00:21And even though there had been a small reduction, the 5% that we're seeing now is better than the 5% that we saw some years ago.
00:36And we're seeing increased demand for energy resources.
00:41Now we finally have a consensus among the parties that have been engaged in the talks, and it's not charity from either side.
00:53We're talking about mutually beneficial agreements based on market principles, and those market principles are relevant in this specific region.
01:06And the energy prices involved are shaped not based on the prices of today, but rather on a specific formula that is calculated based on objective factors and market considerations.
01:26So there is objective demand, there are concrete capabilities and supply capacities, and there had been years of work from both sides and from various economic actors.
01:43And of course it will bring economic advantage and competitive advantages to our Chinese friends because they will receive the product at a weighted and balanced market price, not at an increased premium price like we're seeing in Europe.
02:03And it's also reliability of supply, and everyone is satisfied with that.
02:12And Gazprom is a leading company, it's now expanding to new markets.
02:20We'll have 50 billion through Mongolia, now we have 38, and then we'll have a couple of additional routes, all to expand the total volume.
02:31And all in all it will be over 100 billion cubic meters.
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