Russian oil company head calls for development China operations

Russian oil company head calls for development China operations

Alekperov's offer came amid Russian efforts to increase the supply of oil and gas to China, which in turn is looking to secure ownership of upstream assets in Russia. Lukoil is planning to ship oil to China through a new pipeline, according to the AP.

Alekperov also said that the company is considering the possibility of building a refinery in northwest Russia. Russia has changed its tax regime drastically in recent years to encourage companies to refine more oil at home rather than simply export crude.