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. Last Updated: 07/27/2016

U.S. Supports Pipeline

WASHINGTON -- U.S. Energy Secretary Federico Pena said the Clinton administration supports a China-Kazakhstan plan to build a oil pipeline between the two nations.


"That market obviously is very important, and the Chinese need to have access to the vast energy supplies in the region," Pena said Wednesday, referring to Kazakhstan's vast petroleum reserves.


Pena made his comments during a speech at the U.S.-Russia Business Council.


China and Kazakhstan signed oil deals in September worth nearly $9.5 billion, which included building a 3,000 kilometer oil pipeline between the two nations.


Under the deals, China National Petroleum Corp. will invest $5.9 billion in the Aktyubinsk and Uzen oil fields in the western part of the former Soviet republic.


Separately, the $3.5 billion pipeline -- to be routed from Uzen and Aktyubinsk to China's western Xinjiang Province -- is expected to be completed in five years.