CNPC to begin laying second China-Russia oil pipeline in June

• China National Petroleum (PTR -1.4%) says it will begin laying a second domestic oil pipeline next month to allow for increased Russian crude supplies to flow to the city of Daqing.
• The 585-mile pipeline runs parallel to an existing spur off of Russia’s East Siberia-Pacific Ocean crude pipeline, and is expected to be completed by October 2017; the two pipelines will have a combined annual capacity of 30M metric tons of crude.
• Chinese imports of Russian crude jumped 28% last year, placing the country as China’s largest supplier on an annual basis after Saudi Arabia.