It seems that the Chinese direction will become one of the key directions for YUKOS exports in the future. According to analysts, YUKOS is making the right steps aimed at broadening its oil supplies to China, since economic growth in this country is forecasted to be one of the highest in the world, which means accelerated consumption of energy resources.
YUKOS is planning to reach a level of oil production of 100m tons a year and some 15 percent of this oil output is planned to be exported to China, which is a pretty large level for supplies in one direction, analysts think.
YUKOS is planning to sell 15m tons of oil annually to the China National Petroleum Corp. (CNPC) and Sinopec. Representatives of these companies will arrive in Moscow this week to negotiate a 7-year contract on oil supplies with YUKOS. According to Sergey Prisyazhnyuk, the director of the YUKOS office in China, the company is working out a 7-year contract that envisages 10m tons of annual oil supplies to the CNPC and 5m tons to Sinopec. The contract is to be signed by the end of the year.