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Russia Hopes Western Gas Route Contract Talks With China Reach Final Stage

© Sputnik / Vitaliy Ankov / Go to the photo bankWork at the block separation unit for the gas distribution station. Construction of the pipeline from GDS Vladivostok on Russian island is part of preparations for the 2012 APEC summit in Vladivostok
Work at the block separation unit for the gas distribution station. Construction of the pipeline from GDS Vladivostok on Russian island is part of preparations for the 2012 APEC summit in Vladivostok - Sputnik International
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Russia hopes that commercial contract negotiations on western route gas deliveries to China will soon be finalized, Energy Minister Alexander Novak told Sputnik.

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ST. PETERSBURG (Sputnik) — The western gas supply route is known as the Power of Siberia-2.

"Negotiations are ongoing, not yet finished. We hope that they will soon reach the final phase," Novak said Friday.

He spoke on the sidelines of the St. Petersburg International Economic Forum (SPIEF), where Sputnik is the official media partner.

The company is also working with Japanese firms in implementing offshore projects in the Arctic, Novak said, expressing hopes that areas of common interest will be found.

"As far as I know, the corresponding work at the corporate level is underway. We hope that our companies will find common ground in this matter," Novak said.

Moreover, the Russian government is holding discussions over extending the Sakhalin-1 oil project production sharing agreement (PSA) as requested by the ExxonMobil operator.

"No, there are currently no final decisions on the extension. There is a request form the operator, ExxonMobil. There is discussion in the government. There is no final solution yet," Novak said.

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Russia's oil production forecast this year has been revised from 549 million metric tonnes to 547 million tonnes with the recently extended Vienna Agreement while export is expected to total 257 million tonnes, Novak said.

"We believe the overall forecast will be adjusted to 547-547.5 million tonnes. This is 2-1.5 million tonnes less than we had forecast," Novak said Friday.

In 2018, production is expected within the range of 547-551 million tonnes depending on the operating conditions of the oil industry, he added.

"As for export, preliminarily in 2017 is it 257 million tonnes, 260.7 million tonnes in 2018," Novak added.

He spoke on the sidelines of the St. Petersburg International Economic Forum (SPIEF), where Sputnik is the official media partner.

 

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