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Gazprom looks for long-term deal in China

April 11, 2011 at 9:56 AM

MOSCOW, April 11 (UPI) -- Russian gas company Gazprom aims to finalize the details of a long-term gas supply contract with officials in China, an executive said from Moscow.

Gazprom officials Monday headed to Beijing to start commercial negotiations with China on natural gas supplies, Russia's state-run news agency RIA Novosti reports.

Pavel Oderov, who heads Gazprom's international business department, said both sides aim to discuss the terms of a 30-year contract for an estimated 1.05 trillion cubic feet of gas per year.

The basic terms of the agreement were signed by Russian President Dmitry Medvedev during a September trip to China.

Natural gas supplies to China would come through the $14 billion Altai gas pipeline, which complements existing networks from the Russian border with China.

The International Energy Agency estimates that demand for natural gas in China will grow 25 percent within the next decade.

Alexei Miller, the chief executive at Gazprom, said in December that his "company is gradually moving eastward."

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