By: EW News Desk Team   

Russia and China are “very close” to agreeing on a multi-billion dollar natural gas contract, which will see state-owned energy company Gazprom supply Beijing with as much as 38 billion cubic metres of gas a year, claimed deputy prime minister Arkady Dvorkovich on Wednesday.

The deal, likely to run for 30 years, follows at least a decade of negotiations; and comes just as Moscow is embroiled in a political standoff with its current largest customer, the European Union, over Ukraine.

Dvorkovich said that the deal could be signed as early as next month, when President Vladimir Putin is scheduled to travel to Beijing.

Gazprom Chief Executive Officer Alexey Miller was also in Beijing on Wednesday to meet China National Petroleum Corp. Chairman Zhou Jiping in order to discuss the final details of the contract.

"Regarding Gazprom's gas contract, the sides are close to agreement ... The only issue remaining is ... the price," said Dvorkovich, as cited by Reuters.