China National Petroleum Corporation has filed a lawsuit against troubled Russian oil producer Yukos, seeking compensation after the company failed to resume crude exports that were suspended in September.
Yukos had contracted to ship 3.86 million tons of crude to China in 2004 but had delivered only 2.85 million tons. The company had pledged to restart shipments by 20 October and did not do so. CNPC said it saw no sign Yukos intended to honor the agreement, and repeated appeals had gone unanswered.
Yukos attributed the halt to its inability to cover transport and export financing, a consequence of its prolonged tax standoff with the Russian government. Moscow had pledged that other domestic producers would keep supplies flowing to China, but several major companies declined to step in.
Beijing said the disruption posed no immediate threat to domestic supply. China is the world's second-largest oil consumer, and Yukos crude accounts for roughly 7% of national consumption. CNPC said it was sourcing additional imports through other border crossings. The compensation amount sought, the filing date, and the court venue were not disclosed.
Historical summary. TurkishPress restated this AFP wire report, first published in October 2004, in its own words.