China-Russia gas deal set to be signed

"This estimated price is higher than our expectation," said Wang Ruiqi, senior analyst with Shanghai-based energy consultancy ICIS-C1 Energy.

She said even if China can seal the deal with Russia, the nation still needs to diversify its energy supply.

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China imports more natural gas in 2013

"Pipeline construction will take two to three years while China's gas demand will continue to increase rapidly as the urbanization and industrialization processes go on," Wang said.

China became the third-largest natural gas user in 2013 with total consumption of 167.6 billion cubic meters, up 13.9 percent year-on-year, according to data from CNPC.

In addition to the pipeline's supply, CNPC signed a deal with the Russian government to acquire a 20 percent stake in the country's Yamal liquefied natural gas project. It's part of Chinese moves to raise its clean energy imports.

The company said the transaction was completed on Jan 14.

Last October, CNPC agreed to buy 3 million metric tons of liquified natural gas a year from Yamal LNG. The deal took effect this year.

The Yamal LNG project is located on the Yamal Peninsula in Northern Russia. It is a joint venture between Russia-based Novatek Inc, which owns 60 percent, France-based Total SA with 20 percent and CNPC, also with a 20 percent stake.