Interfax quoted Mr Alexander Medvedev deputy CEO of Gazprom said Russian gas giant Gazprom plans to hold its latest round of negotiations in July 2012 for supplying Russian gas to China.

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

Mr 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. He added that "We still need to decide on the starting price at which supply can begin."

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