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Russia to almost double oil and oil products supplies to Asia-Pacific by 2035 — minister

Russia's Zarubezhneft is exploring the possibility of acquiring the assets of the Malaysian Petronas company

MOSCOW, May 20. /TASS/. Russia may increase supplies of oil and oil products to Asia-Pacific nations 1.8-2.2 times by 2035, Energy Minister Alexander Novak said on Friday.

The Asia-Pacific Region is currently the driver of energy resources consumption growth, Novak said. "This is objective. The vast number of consumers is there. As far as energy resources supplies are concerned, the national energy strategy assumes deliveries to the Asia-Pacific Region will rose 1.8-2.2 times as compared with the current level. This is relatively to oil and oil products. Total supplies of LNG will grow from 7 to 9 times, including India," Novak said.

Zarubezhneft may acquire assets of Malaysia’s Petronas

According to Novak, Russia's Zarubezhneft is exploring the possibility of acquiring the assets of the Malaysian Petronas company.

"Also, Zarubezhneft shows interest in studying the assets of Petronas. The parties are holding consultations about it," he said.

Novak said that Zarubezhneft is in talks on entering projects in Malaysia.

"As for Zarubezhneft they are studying opportunities to enter projects in Malaysia. Zarubezhneft has a lot of experience to enhance the effectiveness of existing fields, and offers its services and participation," Novak said.

Malaysian state oil and gas corporation Petronas is authorized to develop and produce oil and natural gas throughout the territory of that Asian country. Petronas is one of the largest energy corporations in Southeast Asia. The company employs about 40,000 people.

Oil refinery in Indonesia

The minister pointed out that Russian technologies will be used in construction of an oil refinery in Indonesia.

"We are talking about the use of Russian technology - especially in the construction of the plant. This is beneficial to Russia in terms of the export of Russian equipment, export of Russian technologies. In addition, there is also a possibility of delivery of Russian raw materials," he said.

Novak said that an agreement has been reached to build oil refineries in Indonesia in cooperation with Russian state-owned oil company Rosneft.