🚀 go-pugleaf

On Tue, 27 Sep 2005 19:18:53 +0000 (UTC), peterparsnip@gmail.com (Peter
Parsnip) wrote:

>Nice rant, Alexa!

Russia �s Largest Oil Producer Lukoil Opens Office in China

23.09.2005 
MosNews 
http://www.mosnews.com/money/2005/09/23/lukoilchinaoffice.shtml

In accordance with Title 17 U.S.C. Section 107, this material is distributed
without profit to those who have expressed a prior interest in receiving the
included information for research and educational purposes.

On Thursday, Sept. 22, Russia�s largest private oil company Lukoil conducted
a ceremonial opening of its new office in Beijing, China. 

Valery Golovushkin, the company�s vice president was quoted by RIA Novosti
as saying: �Lukoil is ready to deliver to China as much oil as the
infrastructure allows.� 

He added that the opening of the office in China would enable the company to
obtain detailed information on projects that Lukoil hopes to take part in. 

He said the company firstly intended to increase oil deliveries to China via
pipelines. �A pipeline from Kazakhstan to China with a total annual output
of 20 million metric tons will become operational by the end of this year,�
Golovushkin added. The pipeline will enable direct oil deliveries to China
from West Siberia, and Lukoil is ready to supply oil according to its quota.

He said railroad oil deliveries were not planned since they were not
profitable for Russian companies due to the high transportation costs. 

He added that Russia needed deeper seaports in order to increase its oil
exports. The port in Novorossiisk can only receive tankers with a
displacement of 130-140 metric tons. It is not profitable for tankers like
that to transport oil long distances, he said. 

Lukoil annually exports 50 million metric tons of oil and some 15 million
tons of oil products. �How oil exports develop in the future depends solely
on economic factors,� Golovushkin said.