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To: RealMuLan who wrote (53728)	9/27/2004 5:36:24 PM
From: Taikun	Respond to of 74559

Correct, but Russia, unlike the US, is a net exporter of oil and China will be a big market for them. Comparing to a net importer of oil like the US is less meaningful. It is small compared to pipelines in Iraq and other oil producing countries and small relative to the proximity and size of the Chinese market to Russia. Current Russian production is 9mbpd, 3285m barrels/year. That is expected to increase to 11-12mbpd over the next 2-3 yrs. 20m barrels annually is 0.006% of current annual production. Using 11mbpd of projected 2007 prodn when the pipeline is in service that would be 0.05% However I read that initial capacity would be 10m barrels annually. Of current production: 0.003%, of projected annual production in 2007: 0.025% That is small.