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China, Russia seek cooperation on gas markets

BRIC giants will meet this week to discuss a new model for cooperation on gas after talks in this area last year fell apart

China and Russia will resume natural gas talks on Friday and will seek cooperation in both upstream and downstream sectors, China's Vice Foreign Minister Cheng Guoping said on Tuesday.

"I believe there will be a new breakthrough (in gas talks), the cooperation includes both upstream and downstream, with both sides sharing risks and benefits," Cheng said in a joint media briefing with Russia's Ambassador to China, Sergey Razov.

Talks between China, the world's fastest growing energy consumer, and Russia, the world's largest conventional gas producer, fell apart late last year when China, frustrated by years of stalemate over price, increased its supplies from rival producer Turkmenistan, reported Reuters.

Last month, a senior energy official visiting Moscow as part of a delegation led by Chinese Vice Premier Li Keqiang, who is on track to succeed Premier Wen Jiabao, told reporters that China had proposed a new model for cooperation on gas during the visit.