Yukos meeting its commitments to export crude to China

Yukos meeting its commitments to export crude to China: official

Moscow (Platts)--10Sep2004


Russian oil major Yukos is fulfilling its commitments to export crude to China
by railroad, Pyotr Zolotaryov, acting president of Yukos division Yukos-RM,
was reported by Itar-Tass as telling reporters Friday. Some 630,000mt of oil
is due to be moved by pipeline from West Siberia to the town of Angarsk to be
delivered to China by rail in September. "The duty has already been paid, now
we are in talks about paying for railroad services," Zolotaryov said. 

Yukos,which handles all of the rail deliveries of Russian oil to China, is to export
at least 6.4-mil mt of crude to the Chinese market this year and 8.5-mil mt in
2005, according to an agreement signed between Yukos and the Russian Railways
state company in March. The ongoing crisis at Yukos, which is struggling to
settle mounting tax debts, sparked fears that crude supplies to China might be
disrupted. Russian Railways president Gennady Fadeyev said in August that
Yukos had made advance payments for oil supplies until Sep 10, but added that
if Yukos was unable to finance railroad services, China would have to do so.

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