Lukoil looks to expand Asian business
BEIJING: The chief executive of Russia's Lukoil said yesterday the oil giant is looking for Chinese partners as it tries to expand its business in East Asia.
Vagit Alekperov said he would meet this week with Chinese state-owned oil giants to discuss areas for cooperation. The company has production ventures abroad with China's two biggest oil companies, PetroChina Ltd and Sinopec Corp.
OAO Lukoil, Russia's second-largest oil producer, wants to increase exports of crude oil and refined products such as lubricants to China and other East Asian markets, Alekperov said.
"Our main aim is to expand exports of our oil and gas products to China, but we don't have a detailed plan yet," Alekperov said.
China is the world's fastest-growing energy market. United States government data show it overtook the US last month as the world's biggest oil importer, driven by rising car ownership and strong economic growth.
Other Russian energy companies operate two pipelines to move oil to China and one to deliver gas but further development has been slowed by lack of agreement on prices and other disputes.
Alekperov said Lukoil wants closer collaboration with Chinese partners abroad. His firm wanted a Chinese partner to help develop an oilfield in Iraq but he failed to find one. AP