ST. PETERSBURG, June 13 (RIA Novosti)-LUKoil is in favor of establishing a consortium of Russian companies to work in China, the president of Russia's no.1 crude producer said Tuesday.
State-run oil company Rosneft and the China National Petroleum Corporation signed an agreement in March to establish two joint ventures in Russia and China respectively to produce, refine and retail oil.
But LUKoil head Vagit Alekperov said Russian companies should work together on the Chinese market: "I believe that the time has come to set up a consortium of Russian companies to work in China."
Energy-hungry China is becoming an increasingly important market for Russian crude, which is currently exported by rail but will flow along the East Siberian - Pacific Ocean pipeline in the future.
