Fortunately for the Chinese giant, at the moment the consortium made up of Royal Dutch/Shell, ExxonMobil and Gazprom is still at the negotiating table.

At the heart of the matter is the level of investment returns that the consortium will receive on the 3,900 km pipeline, which will link gas reserves in the west to the country's energy-hungry east.

Sources close to deal have revealed that Shell has demanded a 15% return on investment and has lost patience with PetroChina's stipulation that that amount was too high. The 15% had originally been agreed upon two years ago when the consortium signed a non-legal binding agreement with PetroChina for a 45% stake in the project.