Lukoil, CNPC to Collaborate

Monday, September 10, 2007
According to Bloomberg, OAO Lukoil, Russia's largest oil producer, and China National Petroleum Corp. will cooperate on oil and gas production abroad and supplying hydrocarbons to China. The partners will also consider ``opportunities to cooperate on supplying oil and gas to China and refining hydrocarbons'' in the country, according to Lukoil. China, the world's second-largest energy user, is seeking energy supplies as its economy expands at an annual rate of 11.9 percent, the fastest pace in more than a dozen years. The leaders of China and Kazakhstan, the second-biggest energy suppliers in the former Soviet Union after Russia, last month agreed to finance and build a network of pipelines to supply China with oil and gas from the Caspian Sea region.

The joint projects of Lukoil and CNPC in Kazakhstan include an equally co-owned Kumkol oil field and a Northern Buzachi field, in which CNPC holds a 50 percent stake and Lukoil has a 25 percent holding, the Russian company said in the statement. The two companies also each hold a 20 percent stake in an offshore international venture to explore for oil and natural gas in Uzbekistan's side of the Aral Sea.

ZAO Turgai Petroleum, a Kazakh producer co-owned by Lukoil and CNPC, plans to start supplying crude oil to China next year, Boris Zilbermints, a Lukoil director for Kazakh operations, said in June. Lukoil plans to buy out CNPC's 50 percent of Turgai after winning the right to buy the holding through arbitration in Stockholm last year. (Source: Bloomberg)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter February 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Indiana Ports Sets Cargo Record in 2015

State's three ports handle 12 million tons for first time in 54-year history  INDIANAPOLIS (Feb. 11, 2016) - The Ports of Indiana handled over 12.2 million tons of cargo in 2015,

Owner Fined for 'Dangerously Unsafe' Vessel

The owner of a harbor tanker has been fined £3,000 with more than £7,000 costs after pleading guilty to a charge of operating a vessel for being dangerously unsafe.

Shipping Corporation Q3 Profit Surges

The Shipping Corporation of India (SCI) declared its unaudited financial results for the quarter ended 31st December 2015 posting a net profit of Rs. 59.66 crores as against a net profit of Rs.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0497 sec (20 req/sec)