China National Petroleum Corp. said Gazprom would be responsible for developing natural gas supplies in eastern Siberia, while CNPC would develop transport and storage facilities within China's borders.
A deal would allow Gazprom to make a strategic shift toward Asia, just as the European Union is seeking to extricate itself from Moscow's energy grip.
The EU is accelerating plans to find alternative sources of gas and trying to stymie Gazprom's efforts to boost its presence on the Continent amid fears the Ukraine crisis could lead to disruptions of gas supplies to Europe.