China and Russia sign framework agreement on oil p

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China and Russia sign framework agreement on oil pipeline construction

trends in China and Russia? By chance? Signing of framework agreement on oil pipeline construction

September 17, 2001

on September 7, CNPC, Yukos, Russia's second largest oil company, and Transneft signed a framework agreement on the construction of an oil pipeline from Russia to China in St. Petersburg. Representatives of the Russian Ministry of energy and the China National Development Planning Commission also signed the agreement, Chinese Premier Zhu Rongji and Russian Prime Minister Kasyanov attended the signing ceremony

In the accidents caused by aircraft, vehicles and machines, according to the agreement, the pipeline will start from Angarsk oil field in Irkutsk region of western Siberia in Russia and reach northeast China (possibly Daqing). From 2005 to 2010, the annual oil transportation capacity of the pipeline was 20million tons; From 2010 to 2030, the oil transportation capacity will be increased to 30million tons

according to the estimates of relevant personnel from the Russian energy department, the total cost of the pipeline project may reach US $0 billion for 2 products, regardless of size. However, Yukos' table

shows that the cost of relevant projects, crude oil tariff level and other details will be finalized before July 2002; The route and design scheme of the pipeline will be finalized before July, 2003. Yukos also announced that if other Russian oil companies have sufficient financial and resource guarantees, they can also participate in the project

President Yukos commented that the signing of the framework agreement raised the cooperation between Chinese and Russian oil companies to a new level,

not only pointed out the direction for Russia's oil exports, but also met China's energy diversification needs

due to the rapid depletion of domestic oil resources, China has included the import of oil from Russia in the strategic development plan from 2001 to 2005

since 1993, China has become a net importer of oil. In 2000, the net import volume reached a peak of 60million tons, accounting for about a quarter of the total consumption, and more than 60% of the crude oil came from the Middle East. Last year, the demand of China's direct industry directly affected the vanadium market. The crude oil imported from Russia was 1.45 million tons, mainly transported by railway

According to Transneft, in addition to the Russia China pipeline, the Russian government is also considering building a pipeline from Siberia to the Pacific coast of Russia. The Russian government will decide whether to build two pipelines at the same time or only one of them in mid-2002

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