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Last updated at: (Beijing Time) Monday, March 29, 2004

Russia welcomes China to participate in East Serbia oil development

Chinese enterprises are welcome to participate in oil exploitation in East Serbia, said a Russian official in Beijing on March 28.


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Chinese enterprises are welcome to participate in oil exploitation in East Serbia, said a Russian official in Beijing on March 28.

Alexander K. Akimov, Vice President of Sakha Republic (Yakutia) in northeastern Russia Federation, made the remarks before ending his visit to China. He said that Yakutia has rich oil resources and is willing to cooperate with Chinese enterprises in that field through joint development.

Economic advisor for the vice president said the prospects of cooperation between the two countries in oil exploitation are broad.

Statistics held by Russia's side show that the oil reserve discovered in Sakha Republic located in East Serbia and its western and southern regions totals 200 million tons while the oil exploited in 2003 was only 290,000 tons.

Analysts said local rich oil resources have yet to be fully developed and utilized due to freezing weather and inadequate fund.

Experts held that it will help ease China's current oil shortage if the two countries can reach agreement on cooperation in oil. Statistics show that over the past ten years, China's consumption in crude oil has increased at a rate of 5.77 percent on average. China used in 2003 about 250 million tons of crude oil, including 91.12 million imported, a year-on-year increase of 10 percent.

By People's Daily Online


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