MOSCOW (AP) -- Russia's state-controlled natural gas giant, Gazprom, says it hopes to finalize a major deal on gas supplies to China by the year's end.
Russia and China last week failed to finalize the deal that envisages annual supplies of 68 billion cubic meters of gas to China starting from 2015. Moscow wanted to link the price to oil prices the way it does in Europe, but China considers any European-level price too high.
Gazprom expects prices for its supplies to Europe to reach $400 per 1,000 cubic meters, nearly twice as much as China reportedly was ready to pay.
Despite the price arguments, Gazprom deputy CEO Alexander Medvedev said Monday he sees a "very good chance" to clinch the deal this year.