Source Pravda.Ru

Chinese Oil Looks To Northeastern Russia For Reserve Growth

China's two biggest state owned oil companies are in talks to buy stakes in the Yukos Oil Company's oilfields in northeastern Russia that may boost the reserves of their listed units, a Yukos official has said.

China Petrochemical Group, or Sinopec, and its domestic rival China National Petroleum Corp., are in separate discussions with Russia's second largest oil company to invest in fields bordering Irkutsk region and Sakha autonomous republic, said Sergei Prisyazhniuk, Yukos' chief Beijing representative. The fields are about a thousand kilometers north of China's border with Russia.

Chinese producers are trying to find oil abroad to supplement declining domestic reserves and reduce dependence on foreign suppliers, particularly in the Persian Gulf which last year supplied about 60 percent of the country's imported oil.

“China wants to diversify its fuel sources away from the Middle East because of political tensions there.” said Gordon Kwan, an analyst with HSBC Securities in Hong Kong. “It's showing a growing preference for oil assets closer to home, such as those in Russia and Indonesia, that are easier to transport.”

©

&to=http://www.yukos.com/main.asp' target=_blank>YUKOS

&to=http://www.sinopec.com.cn/english/index.jsp' target=_blank>SINOPEC

Comments
ISIS threatens to conduct large-scale terrorist attacks in USA for Jerusalem decision
Why did the USSR lose the Moon race?
US military men depressed over of Russia's new T-5000 sniper rifle
Russia to counter Boeing's Х37В with top secret MiG-41 project
Should Russian athletes go to non-Olympic Games in South Korea?
Russia to rebuild its former Soviet naval base in Syria's Tartus
Donbass without militia will be worse than Srebrenica - Putin
Putin to Sobchak: We will never let them turn Russia into another Ukraine
Should Russian athletes go to non-Olympic Games in South Korea?
Should Russian athletes go to non-Olympic Games in South Korea?
Putin: Russia will continue spending enough on defence not to be killed
Putin: Russia will continue spending enough on defence not to be killed
Russia to rebuild its former Soviet naval base in Syria's Tartus
Russia not pulling out from any international agreements, Putin says
Capitalism reduced Indonesian cities to infested carcases
ISIS threatens to conduct large-scale terrorist attacks in USA for Jerusalem decision
Kim Jong-un's tactic of hard power teaches USA lesson of obedience
Kim Jong-un's tactic of hard power teaches USA lesson of obedience
USA looking for reason to see nuclear weapons in action
Tel Aviv, Jerusalem, capitals and puppets
Capitalism reduced Indonesian cities to infested carcases