Russia aims at doubling oil sales to Asia-Pacific countries

Newscast Media MOSCOW—Russia sees the potential for doubling its oil sales to
Asia-Pacific region countries, Russian Energy Minister Alexander Novak said

“At present, we supply approximately 50 million metric tons of oil, but we see the
potential for doubling the supplies. As far as gas is concerned, we supply about 14
billion cubic meters of gas. The de-facto potential is huge, it may reach about
200-300 billion cubic meters,” Novak said in an interview with the Rossiya-24 TV.
He added that the growth is possible “in the coming years.”

On Monday, the construction of the 3,000-kilometer (1,860-mile) Power of Siberia
pipeline was launched in Yakutia. According to Russian President Vladimir Putin, the
new gas pipeline will significantly strengthen Russia’s economic cooperation with the
governments of the Asia-Pacific region, particularly with China.

Russia’s Power of Siberia gas transmission system is designed for delivering gas from
the Irkutsk Region and Yakutia gas production centers further eastward to Russia’s
Far East and China.

In May, Gazprom and China National Petroleum Corporation (CNPC) signed a 30-year
agreement on the annual export of around 38 billion cubic meters of Russian gas to

The project is valued at $400 billion.

Source: Ria Novosti