Russian Oil Producer to Increase Exports to China

Russian Oil Producer to Increase Exports to ChinaThe second largest oil producer in Russia will be increasing its oil exports to China as their oilfield projects in Iraq will be operating soon. OAO Lukoil Co. CEO Vagit Alekperov stated that the company developed the project independently and will start production this year and is expected to have an annual oil output of 1.2 million tons next year.

Since the project in Iraq West Qurna is ending the company is hoping to increase their exports in china, also the company is aiming to expand the export of crude oil and refined products to china. Oil consumption has seen an increase of demand in China as rapid growth and development can be seen.

Lukoil is a privately owned company started production ventures with two of China’s biggest oil companies which are Sinopec Ltd. and China National Petroleum Corp. these companies have participated in the international consortium on the gas transport project in Uzbekistan to supply gas to China. The company also had extractions projects in gas and oil from fields in Kazakhstan with China National Petroleum and in four fields with Sinopec.

Lukoil has traded shares in the London stock exchange plans to list in Hong Kong in hopes to penetrate the Asian market, but is placed on hold due to the lack of listing agreement between Hong Kong and Russia. The company also planned to list in Shanghai as China to planned to create an international board to attract foreign listings but has seen delays.

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