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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (3529)	10/1/2004 7:11:25 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

China urges Yukos to fulfill oil contracts after deliveries suspended Thursday, September 30, 2004 11:42:47 PM afxpress.com BEIJING (AFX) - State-owned oil conglomerate China National Petroleum Corporation (CNPC) urged troubled Russian oil company Yukos to fulfill its export contracts with China, but maintained that a "temporary suspension" in exports would not impact domestic oil supply Yukos's oil represents roughly 7 pct of Chinese consumption CNPC made the request in a letter sent to Yukos today, the company said on its website "In accordance with the Crude Oil Trading Agreement between CNPC and Yukos, Yukos shall export crude oil to CNPC in a volume of 3.86 mln tons in year 2004," the letter said "Up to today, Yukos has fulfilled its export volume of 2.84 mln tons. Yukos stopped oil loading to the tank train on Sept 20 2004." CNPC said it urged Yukos to "strictly comply with the agreement and resume oil exports as soon as possible" "At present, CNPC has taken measures to increase its crude oil imports from other border ports. Yukos' 'temporary suspension' of oil exports won't impact the domestic oil supply," it said Russia yesterday promised to maintain oil exports to China even though several major oil companies have refused to pick up the slack of the financially troubled Yukos "Our companies will replace the deliveries of oil by Yukos to China and, on the whole, I think this situation will be solved in a positive way," Russia's Deputy Energy Minister Ivan Materov was quoted by RIA Novosti as saying Materov did not say which company would start exporting Russian oil to China The Russian oil giant, which has been locked in a year-long battle with the government over payment of back taxes, had said it was no longer able to finance transport and other export costs LUKoil, Russia's second-largest oil producer, said Wednesday that high export taxes and transport costs would make it unprofitable for the company to deliver oil to China Another major, Surgutneftegaz, which is eyeing some of Yukos's top production facilities, also recently said it had no immediate interest in the Chinese market Despite Yukos cutting supplies to CNPC, it said it would continue deliveries to another Chinese oil company, Sinopec, which is to receive about 750,000 tonnes by the end of the year China is the world's second largest-oil consumer after the United States and has seen imports soar as flagging domestic production has failed to keep up with booming economic growth and demand for gasoline in the auto market sai/nw/mas For more information and to contact AFX: www.afxnews.com and www.afxpress.com futures.fxstreet.com