Gazprom has the potential to become the largest natural gas supplier to China, Gazprom Deputy CEO Alexander Medvedev said on Monday.
"We have all the possibilities to become the basic supplier. Even if China starts extracting shale gas, plenty of room will be left for natural gas," Medvedev said.
According to China's information, gas consumption in China is expected to rise to 350-400 billion cubic meters by 2020 from 107 billion cubic meters in 2010, Medvedev said.
Last week, Gazprom and China's oil and gas corporation CNPC failed to agree at the St. Petersburg International Economic Forum on a price for gas deliveries from Russia to China. Under the contract, Gazprom may deliver up to 68 billion cubic meters of gas to China. It sells about 150 bcm a year to Europe.
Russian President Dmitry Medvedev said on Thursday that Russia and China were finalizing talks on the price of gas under a 30-year supply contract, which could amount to $1 trillion in value.
Beijing wants Gazprom to set a lower price than it sells the blue fuel to Europe for, to which Gazprom is opposed.