HU: China and Russia have failed to sign a much-anticipated gas supply deal that could have been worth up to US$ 1 trillion. The pact was orginally scheduled to be signed during President Hu Jintao's current visit to Russia. President Hu Jintao's visit to Russia coincides with the 10th anniversary of the Sino-Russian Treaty of Friendship, with both economic powerhouses keen on deepening relations. But both sides have been unable to see eye-to-eye on the most important item on the agenda - a 30-year gas deal potentially worth up to US$1 trillion. Hu and Russian President Dmitry Medvedev had hoped to sign on the dotted line at an investment forum in St Petersburg today, but they failed to agree on the price. It's a new setback for the long-awaited gas deal after five years of talks between Russia, the world's largest supplier of natural gas, and China, the world's largest consumer of energy. Russian gas producer Gazprom says it will not offer China a price lower than what it r! eceives from its European customers. China's National Petroleum Corp wants to pay US$250 for a thousand cubic metres of natural gas, but the Russians are holding out for double that amount. Hu, meanwhile, said China wants to join other major countries to try to resolve global problems. The Russians concurred and the two sides reached bilateral accord on a number of global issues. They voiced their opposition to outside interference in the unrest in the Arab world, defended Iran's right to nuclear power ...
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