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YUKOS will increase oil exports to China from 6.4m tons to 7m tons in 2004, Gennady Fadeyev, President of Russian Railways, said at a news briefing.
He said this could allow for full-capacity use of the Baikal-Amur Mainline Railroad (BAM) in the shortest possible time. YUKOS oil exports to China may be further increased in the future.
The BAM will mainly be used for oil transportation, including for the Transneft project, Mr. Fadeyev said. He also mentioned Basel’s plans to develop the Chineiskoye iron ore mine and plans to develop Elginskoye coalfield.
On March 27, Mr. Fadeyev and the then YUKOS CEO Simon Kukes signed an agreement to cooperate in the transportation of oil to China.
According to the agreement, YUKOS guaranteed that 6.4m tons of oil will be transported to China in 2004, 8.5m tons – in 2005, and 15m tons – in 2006.
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RUSSIA IN FACTS
