Russian gas giant Gazprom’s contract on gas supplies to China may add 0.3-0.4% per year to growth of gross domestic product (GDP) from 2015, Economic Development Minister Alexei Ulyukayev said at a news conference Monday.

Russia plans to invest $55 billion to implement works under the contract, and the investments are to provide a significant macroeconomic effect within 5 years from 2015, Ulyukayev said. “We will take it (the effect) into account in September while making a new forecast. I think that there will be 0.3-0.4% annually,” he said.

Earlier in May, Gazprom signed a $400 billion 30-year contract to supply 38 billion cubic meters of gas per year to China via the yet-to-be-built Sila Sibiri (Siberian Force) pipeline.