Source Pravda.Ru

YUKOS Increases Oil Supplies to China Before Pipeline is Built - 27 February, 2003 - News

Russian oil company YUKOS decided to increase oil supplies to China before the Russian Government reaches a decision on construction of an oil pipeline going to this country. While officials still hesitate about the route of the pipeline, YUKOS is working for increase of oil supplies to the Chinese market by railway, the transport that is available to the company.

The head of YUKOS office in Beijing, Sergey Prisyazhnyuk says that the Russian company has already reached an agreement with China’s Sinopec on increase of oil supplies up to 1.6 million tons in 2003 and up to 2.5 million tons in 2004. Oil supplies to another Chinese state-run company, China National Petroleum Corporation (CNPC) are to double this year up to 2 million tons, YUKOS press-secretary Alexander Shadrin says. He adds that oil supplies to CNPC for 2004 are still negotiated.

Oil is to be delivered by railway through Mongolia. Alexander Shadrin says that if Angarsk-Datsin oil pipeline is be set into operation by 2005, YUKOS will completely stop its railway supplies to China, and vacant tanks will be used for oil transportation in the western direction. For the time being, YUKOS has to settle the problem of lack of railway tanks for oil transportation. YUKOS representatives don’t say the cost of oil transportation by railway. However, analysts from the United Financial Group say that the company has to pay twice as much for oil supplies by railway than it could have been done along a pipeline.

Rusenergy

Translated by Maria Gousseva

Read the original in Russian: http://economics.pravda.ru/economics/2003/7/21/64/7602_Yukos.html

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