Gas contract with China worth $400 bln over 30 years - Gazprom CEO

"This is Gazprom's biggest contract. A contract like this has never been signed with any company," Miller said.

China's President Xi Jinping, right, gestures to Russia's President Vladimir Putin during a welcoming ceremony at the Xijiao State Guesthouse. Source: AP

The gas supply contract with China is worth $400 billion over 30 years, Alexei Miller, the Russian gas giant's chief executive, told reporters in Shanghai.

"This is Gazprom's biggest contract. A contract like this has never been signed with any company," Miller said.

This works out at $350 per thousand cubic meters: Gazprom signed a 30-year contract to supply up to 38 bcm of gas to China per year.

He said agreement on the contract was reached at 4:00 a.m. local time in Shanghai. "All the fundamental issues were resolved," he said.

He said regarding mineral extraction tax for the gas fields where the gas for China would be sourced that "the sides have provided for preferential tax regimes."

Read more: Russia offering zero gas tax for fields that supply gas to China

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