Russia looks to China for gas contracts

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"Diversifying Russia's client base makes economic and geopolitical sense, as the centre of the global economy shifts steadily away from Europe and the US, and towards non-G7 economies," says Kit Juckes, head of investment strategy at investment manager ECU Group.

At the end of 2009, Gazprom, producer of 85% of Russia's gas output, signed an agreement with China's biggest state-owned petroleum company, China National Petroleum Corporation (CNPC), for it to supply gas to China.

Gazprom stated the