Forbes: China-Russia Gas Deal Should Unleash A Euro-Fracking Revolution

Russia and China today cut a $400 billion, 30-year deal whereby Gazprom will deliver at least 1.3 trillion cubic feet of natural gas to China annually. Russia will build $55 billion worth of pipelines and processing plants to deliver the gas from Siberia.

This is a lot of gas, about one-fifth of China’s current annual demand. And it should be causing concern across Europe, which last year relied on Russia for about 30% of its gas supply, or about 6 trillion cubic feet.

With Vladimir Putin threatening to cut off gas shipments to Ukraine — the conduit for about half of Europe’s Russian imports — it should be patently obvious to all European policy makers that they must wean themselves off of Russian gas.
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