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Russia aims at doubling oil sales to Asia-Pacific countries
by Joseph Earnest September 3, 2014
Newscast Media MOSCOW—Russia sees the potential for doubling its oil sales to Asia-Pacific region countries, Russian Energy Minister Alexander Novak said Wednesday.
"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 China.
The project is valued at $400 billion. Add Comments>>
Source: Ria Novosti
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