China may raise price bid for Kazakh oil, Kazakhstan says
LONDON. October 4. KAZINFORM China may offer a higher price for oil from Kazakhstan's Kashagan project as it competes for the crude with other countries surrounding the Central Asian state.
"Right now at the Chinese border the prices aren't exactly market -- they are significantly lower," Kairgeldy Kabyldin, head of Kazakh pipeline operator AO KazTransOil, said yesterday in Almaty. "Our Chinese colleagues have announced that they will give a price" that's competitive with oil traveling to Russia.
The $48 billion Kashagan deposit, which may become Kazakhstan's largest producing oilfield, started output last month after years of delays. The project partners, including Exxon Mobil Corp. (XOM), Royal Dutch Shell Plc (RDSA) and Eni SpA (ENI), have the option to export via several routes once production ramps up, with Russia, Azerbaijan and China vying to transport the crude.
China National Petroleum Corp. bought an 8.33 percent stake in Kashagan from state-owned KazMunaiGaz National Co. last month. China is seeking to import more crude to feed growing energy demand as its economy expands, Kazinform refers to Bloomberg.
Kashagan exports are due to begin this month. Production at the Caspian Sea field will rise to 370,000 barrels a day in the first phase from an initial 40,000 barrels a day, Kurmangazy Iskaziyev, deputy head of KazMunaiGaz, said yesterday in Almaty.
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