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Russia may double oil sales to Acia-Pacific says Energy Minister

03rd September 2014

Moscow sees the potential for doubling its oil sales to Asia-Pacific region countries, according to Russian Energy Minister Alexander Novak.

Russian Energy Minister Alexander Novak
Russian Energy Minister Alexander Novak

In an interview with the Rossiya-24 TV on Wednesday Novak said Russia currently supplied close to 50 million metric tonnes of oil to the Asia-Pacific region, but that he saw the potential for doubling the supplies. He said gas supplies might reach 200-300 billion cubic metres - from a current position of 14 billion cubic metres.

On Monday, the construction of the Sila Sibiri (Power of Siberia) gas pipeline intended to pump natural gas to the Russian Far East and China was launched in Yakutia. The Russian President, Vladimir Putin, attended the ceremony and emphasised that 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. The pipeline will have an annual capacity of 61 billion cubic meters of natural gas.

In May Gazprom and CNPC signed a historic natural gas deal worth USD 400bn.

 

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