Russian Lukoil expects to boost exports to China

Russia's second largest oil producer Lukoil expects to increase oil exports to China, with its oilfield project in Iraq about to be put into production, the company's chief executive said on Monday.

Vagit Alekperov, chief executive officer of OAO Lukoil Oil Co, told reporters in Beijing the company is developing independently its project at Iraq's West Qurna-2 field. It is expected to go into production this year with an annual oil output reaching 1.2 million tons in 2014.

"Because the project in Iraq's West Qurna-2 field is coming to an end, we hope to increase our exports to China," said Alekperov, adding that they also aim to expand exports of crude oil and refined products such as lubricants to China, where oil consumption has been in great demand because of rapid economic growth.