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  Monday, October 14, 2019
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Russia will be true to all obligations for petroleum exports to China
Russia will be true to all obligations for petroleum exports to China, reassures federal Prime Minister Mikhail Fradkov. "We fully understand China's point, with all its concerns about petroleum supplies. We shall work together to dispel the alarm and guarantee compliance with available understandings," he said while summing up the ninth of regular bilateral prime-ministerial conferences. The matter certainly will take quite some time, he added. "It is certainly up to the involved company-but the government will by no means shrug off the problems." Mr. Fradkov highly evaluated a Chinese initiative to promote Russian oil supplies by rail. "The Russian government is willing to encourage [other] petroleum companies to export oil to China if the Yukos cannot cope with an earlier appointed amount," Victor Khristenko, Industry and Energy Minister, said to Novosti. "We shall carry on transport infractructural efforts to provide necessary rail transportation. If necessary, we shall take additional steps to promote other companies." Russian government guarantees of petroleum exports are out of the questions, emphasised the minister. "Government guarantees have never come up. It is not up to the Russian government to guarantee commercial contract and corporate hazards." Russo-Chinese intergovernmental debates concerned joint action to increase Russian oil exports to China to six million tonnes this year, ten million next, and fifteen in 2006. "The government is working to meet just those targets. China has accepted our stance," said Victor Khristenko. The Yukos is partly suspending direct petroleum supplies to China since September 28. It hopes to resume them in full as soon as possible, the company said in a press release circulated early this week. The company can no longer afford pre-export financing of supplies to the Chinese National Petroleum Corporation, it explained. The Yukos notified its Chinese partners, last week, about exports to be reduced, said the release. The Yukos does not intend to bring petroleum extraction down-but current developments have forced it to shift particular export amounts elsewhere. The company hopes to resume oil exports to the CNPC as soon as possible, it vouches.
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