Gazprom, Russia's gas giant, has launched the construction of the Power of Siberia, an ambitious pipeline project that is supposed to bring Russia's natural gas to China.

      In May, Gazprom signed an historic deal with China on natural gas supplies that will help the country to diversify its exports.

      According to a source at Gazprom quoted by the Izvestia daily, the price is be set at $350-380 per thousand cubic meters of gas.

      Gazprom is now building a pipeline to fulfill its 30-year contract for the supplies of 38 billion cubic meters of gas that could bring Russia some $400 billion.

      The price is on par with what European customers currently pay, which could mean that amid the EU’s calls for diversification of its imports the eastward shift for Russian supplies will be quite easy to accomplish.