Russia's gas giant, Gazprom, said Wednesday that the company and China National Petroleum Corporation (CNPC) have agreed to sign a natural gas supply contract before the end of 2013, ChinaScope Financial reports. According to the preliminary plan, Gazprom will deliver at least 38 billion cubic meters of natural gas to China per year.

Gazprom, the world's largest gas company, has sought to reach a deal with China for years, but talks have been hobbled by disagreements over price and potential routes.

China is also seeking more natural gas suppliers such as Turkmenistan to meet its increasing demand. The nation's natural gas demand for 2030 is expected to be four times the current level.