25 Jun 2012 12:51

Gazprom to hold latest round of negotiations in July for gas supply to China

ST. PETERSBURG. June 25 (Interfax) - Russian gas giant Gazprom plans to hold its latest round of negotiations in July 2012 for supplying Russian gas to China, the company's deputy CEO Alexander Medvedev told journalists.

"The next round of consultations and negotiations will take place in July in China," he said.

Medvedev added that the consultations will be held on the corporate level.

He also said that both sides have already been able to agree on a price formula for supplying gas to China. "[We] still need to decide on the starting price at which supply can begin," he said.

Medvedev also said that the discussions are also influenced by the principles of price formation on the market.