MOSCOW, September 29 (RIA Novosti) - LUKoil, Russia's largest oil producer, plans to start direct oil exports to China late this year or early next, the company's vice president said Thursday.

Leonid Fedun said minimal supplies would be 1.5 million metric tons of oil per year.

He also said LUKoil hoped to buy PetroKazakhstan Inc.'s 50% stake in Turgai Petroleum, operating in the northern sector of the Kumkol oil field in south-western Kazakhstan.

LUKoil Overseas Kumkol BV owns the other 50% stake, worth an estimated $700 million.

"In this case, exports to China may reach 2.5 million metric tons of oil per year," Fedun said.

LUKoil accounts for 19% of Russia's and 2% of the world's crude oil output and has the equivalent of 20 billion barrels of oil in proved reserves, 1.5% of world reserves. The company has operations in 60 Russian regions and 25 other countries.