The new YUKOS-Sibneft company's first ambitious projects may be to develop the Eastern Siberia oilfield and build an oil pipeline to China. This was announced yesterday by Vladimir Katrenko, the chairman of the State Duma's Committee on Energy, Transport and Communications. The Duma deputy believes that by developing new deposits, the company will be able to increase its capitalization and strengthen its position on the world oil market.
According to Katrenko, the merger of YUKOS and Sibneft demonstrates that 'by uniting their capital, leading Russian oil and energy companies are trying to stand up to international corporations which exploit every opportunity to squeeze out competitors.' The committee chairman is confident that the new company 'will establish itself among the world's leading companies.'