By JAMES MARSON
Russia and China are set to sign a memorandum on gas supplies after years of seeking to reach a deal that has been hampered by disagreements over pricing and potential routes, a person familiar with the situation said Friday.
The deal could potentially be reached to deliver 38 billion cubic meters of gas annually to China beginning in 2018, the person said.
The two sides are still negotiating on price, but the person familiar with the talks, said there is a "good chance" a deal will be reached this year.
Earlier this month, Gazprom CEO Alexei Miller held talks with senior China National Petroleum Corp. officials in an effort to conclude the long-discussed gas-supply deal. In February, Gazprom said it was aiming to sign a supply contract with CNPC by the end of 2013.
Gazprom is seeking to boost supplies to Asia amid falling demand and regulatory pressure in its most lucrative market Europe.
Dow Jones Newswires