Russia strengthens sovereignty in oil sector with growing exports - TASS

Russian foreign minister Sergey Lavrov has said that Moscow “managed to switch in a very short time the supply of oil to rapidly growing, promising markets,” their state-owned media agency TASS reported.

PHOTO: Oil drums placed on top of the Russian flag. Getty Images

Promising and upcoming oil markets primarily India, China, Latin America, and other Asia-Pacific countries have been the biggest buyers of Russian oil, Lavrov said.

“Russia has managed to change and expand the geography of energy exports, the country is implementing reforms and strengthening its sovereignty in the energy sector,” TASS quoted the Russian foreign minister as saying.

Russia has “developed a new export geography,” Lavrov claimed. “We know that supplies from our country allow our partners to restrain the rise in prices for energy raw materials and thereby strengthen economic stability,” he further added.

Russia-China strengthening oil deals

Separately, Russia expects to supply over 100 million mt of crude oil to China via Kazakhstan by 2033, TASS reported.

About 80% of Kazakhstan's oil is transported to international markets through the Caspian Pipeline Consortium (CPS) in the Russian territory, according to TASS. “Kazakhstan intends to transit over 100 mln tons of Russian oil via its territory to China by 2033,” Kazakh President Kassym-Jomart Tokayev said in an interview with a Russian daily.

Meanwhile, Russian crude oil transported through the Kazakh territory, “has a significant portion in fuel and energy complexes” of both Russia and Kazakhstan, Tokayev further said.

Russian oil majors including Lukoil and Tatneft “have been cooperating successfully in the [Kazakh] oil sector,” Tokayev added.

Kazakhstan now plans to increase the capacity of Russian oil supplied to China by more than 100 million mt in the next 10 years, the Kazakh leader noted.

By Aparupa Mazumder 

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