ST. PETERSBURG, May 23. /ITAR-TASS/. Gazprom expects that its $400 billion China contract will influence gas prices in Europe, spurring competition for supply between Europe and the Asia Pacific, CEO Alexei Miller said at the St. Petersburg International Economic Forum.

Miller said the 30-year deal with China's National Petroleum Corporation for up to 38 billion cubic metres a year was the best Gazprom had won.

Gas will flow to China through the eastern route pipeline at a price undisclosed for commercial confidentiality reasons, Miller said, while revealing that preferential tax arrangements were part of the deal.