Russia and China have approved a new formula for gas prices, deputy CEO of Gazprom Alexander Medvedev said, RIA Novosti reports.
Russia plans to equal income prices for gas by 2015. Gazprom head Alexey Miller said that Russia is ready to start construction of a gas pipeline to China in late June. He underlined that the Altay gas pipeline is a priority route worth $14 billion.
Russia and China have a deal gas supplies signed in September 2010. The document includes gas transport of Western Siberia, Eastern Siberia, Far East and the Sakhalin Shelf. The sides are to negotiate the price formula. The contract was to be signed at the forum in Saint-Petersburg but the sides failed to reach an agreement on prices.
