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Selling stake in Vankor oil and gas field to China for yuan possible — energy minister

November 18, 2014, 19:53 UTC+3
Russia’s Rosneft oil giant and Chinese state company CNPC are looking into concrete parameters of the deal
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Russian Energy Minister Alexander Novak

Russian Energy Minister Alexander Novak

© ITAR-TASS/Yekaterina Shtukina

MOSCOW, November 18. /TASS/. Russian Energy Minister Alexander Novak did not rule out on Tuesday the possibility of selling a stake in Vankor oil and gas field to China for yuan.

“On the whole it is possible to make payments in any currency as long as it is expedient for both sides, and as long as there are relevant currency resources,” Novak said.

He said the possibility of selling Russian oil to China’s Sinopec for yuan had been discussed in China recently, adding that an agreement had been reached on yuan payments.

As for the Vankor project, Russia’s Rosneft oil giant and Chinese state company CNPC are looking into concrete parameters of the deal, he said.

No prerequisites for imposing restrictions on exports of Russian oil

There are no prerequisites for imposition of restrictions on exports of Russian oil in the form of sanctions now, Russian Energy Minister Alexander Novak said.

Novak said he plans to meet with Venezuela’s deputy prime minister on November 25 to discuss the situation on the global oil markets and possible measures to prevent further decrease in oil prices. “There is such an initiative (to stop further drop in oil prices). We discussed this subject with him yesterday,” Novak told journalists. “Currently, we are working on our proposals on that matter. We agreed to have a next meeting on November 25 to have a detailed discussion of possible joint steps concerning the situation on the oil markets.”

He said that focus would be made on measures to hold up oil prices, to prevent further decrease.

Oil production in Russia will not contract in coming years and will stabilize at the current year’s level, Russian Deputy Prime Minister Arkady Dvorkovich said on Monday.

The Russian government will render support to oil companies, including oil major Rosneft, for the launch of new oil deposits amid western sanctions, the vice-premier said. “The extraction volumes will not contract. We plan to keep output at this year’s level,” the vice-premier said.

Russia’s oil production at traditional oilfields is, indeed, contracting, but new deposits are being launched, Dvorkovich said. “Also, we offer tax privileges to stimulate additional oil extraction from oil deposits and hard-to access reserves. These additional privileges are included in the tax maneuver. Companies say they are capable of making up for a fall in oil output,” the vice-premier said.

The Russian government will render support to oil companies, he said. “We’re considering taking financial decisions to support particular companies, first of all, the largest company Rosneft. I wouldn’t comment on the volume of support but this aid is under consideration and this will help stabilize output for Rosneft as well.”

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