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MOSCOW, Nov. 17 (UPI) -- Russia's top oil producer LUKOIL is preparing to ship crude directly to China and Japan, the Moscow Times said Wednesday
The giant oil corporation will send the deliveries by rail and ship, opening up vast new markets, the newspaper said.
LUKOIL deputy CEO Leonid Fedun said Tuesday deliveries could start as soon as the government and national rail monopoly, Russian Railways, or RZD, agrees to reduce transport tariffs to make the new export routes economically viable. "I hope that an agreement to lower tariffs to transport oil to China and Japan will be reached," he said according to an Interfax news agency report quoted by the Moscow Times.
Fedun said LUKOIL could ship up to 15 million tons or 109 million barrels per year to Asia's two biggest economies if a tariff agreement is reached.
During President Vladimir Putin's trip to Beijing last month, Russia agreed to boost oil exports by rail to China to 10 million tons in 2005 and 15 million tons in 2006. Aside from the beleaguered Yukos, the only other Russian crude supplier to China has been Yukos' erstwhile merger partner Sibneft, but volumes have been negligible, the Moscow Times said.
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