The head of Russian state-run gas giant OAO Gazprom (GAZP.RS) said Tuesday that a long-awaited deal on deliveries to China may not be signed until February despite earlier vows to settle a contract before the end of the year.

Gazprom signed an agreement with China National Petroleum Corporation in September on the basic terms for gas supplies but have not yet settled the question of price.

Gazprom Chief Executive Alexei Miller said he isn't "ruling out" the possibility the contract won't be settled until after the Chinese New Year, which ends Jan. 31, 2014 .

"The contract's degree of readiness is very high. The only thing left to decide is the base price," he said, according to Russian agency Interfax.

The Russian gas supplier has for years sought to reach a deal to sell gas to China , but talks have been hobbled by disagreements over price and potential routes. Gazprom wants to boost supplies to Asia amid stagnating demand and regulatory pressure in its most lucrative European market.

The two sides have already signed initial agreements for the supply of 38 billion cubic meters of gas a year. They have also agreed on the route of delivery, the level of guaranteed volumes CNPC must pay for, and the speed at which supplies will be ramped up.
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