CNPC inks deal to build gas-fired power plants

Hong Kong

CHINA National Petroleum Corp has signed a preliminary agreement with Russia's Gazprom PJSC to jointly develop gas-storage facilities and build power plants as China's biggest natural gas producer plans to expand use of the clean fuel.

Gazprom and CNPC will assess proposals for new gas-fired power plants in China by end-August, choose priority projects and decide on cooperation, the Russian company said in an e-mailed statement over the weekend.