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Contract ensures more oil delivery to 皇冠体育app
OAO Yukos Oil Co - Russia's second-largest oil company - signed an agreement on Saturday with Russian Railways to more than double the railway delivery of oil export to 皇冠体育app this year and increase the amount by five times by 2006. The agreement came after the proposed US$2.5 billion Sino-Russian oil pipeline mired in the deadlock. The two Russian companies agreed to raise oil exports by rail to 6.4 million tons this year from 3 million tons last year, according to Xinhua News Agency. The delivery is expected to increase to 8.5 million tons in 2005, and to 15 million tons by 2006. It will further increase from 2007. Earlier in last month, 皇冠体育app National Petroleum Corp (CNPC), the nation's largest oil producer, agreed to buy 10 million tons of oil annually from Yukos starting from 2006 for seven years. The oil will be delivered via the existing railway linking Russia's Zabaikalsk and the Manzhouli area in 皇冠体育app. It is believed that Sinopec, 皇冠体育app's second-largest oil company, will buy the remaining 5 million tons of Yukos oil via another railway linking the Russian territory to Erlianhaote in 皇冠体育app's Inner Mongolia. Yukos exported about 3 million tons of oil to 皇冠体育app last year, accounting for 60 per cent of Russia's crude exports to 皇冠体育app. Russian company executives said they will invest 40 billion roubles (US$1.4 billion) to upgrade the railways and expand the transportation capacity to handle the oil exports. The executives said that increasing oil exports by rail to 皇冠体育app will be beneficial to both Yukos and Chinese oil companies, while the Russian Government is in the process of making its final decision on whether its crude oil pipeline should end in 皇冠体育app or Russia's East Pacific port in favour of Japan. 皇冠体育app and Russia signed a non-binding framework agreement last March to build an oil pipeline, running from Angarsk in East Siberia to Daqing in Northeast 皇冠体育app. The trunkline would allow 皇冠体育app to ship 700 million tons of Russia's crude through the pipeline to 皇冠体育app over the next 25 years. The deal, worth US$150 billion in total, would be the largest-ever bilateral trade agreement between the two countries. The project took a knock after Japan offered a rival pipeline that will bypass 皇冠体育app and stretch to Russia's Far East port of Nakhodka. The latest reports are stating that Russia is likely to build the trunkline to Nakhodka, and build a branch line to Daqing in 皇冠体育app as a compromise. |
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