Russia and its neighbors may boost crude oil shipments through an Israeli pipeline, helping them compete against Persian Gulf nations for sales in Asia
Published:
3 November 2003 y., Monday
The 254-kilometer Eilat-Ashkelon pipeline, which has flowed from the Red Sea to the Mediterranean for more than 30 years, will reverse direction for a second time in November. A tanker is set to leave the Red Sea port of Eilat, bound for Asia, with oil sent from Ashkelon on the Mediterranean.
Russia wants to sell more oil in Asia, where demand is growing faster than in Europe, as China and Japan seek to reduce their dependence on Middle East exports. The pipeline gives oil companies an alternative to the longer route around Africa and lets them avoid restrictions in Egypt's Suez Canal.
How much crude will be exported across Israel will depend on the so-called arbitrage window, when Russian oil prices are low enough to attract Asian buyers. The pipeline may make Russian crude oil, which costs about four times as much to produce as Middle Eastern grades, more competitive by reducing transport distances and costs.
Very large crude carriers, or VLCCs, which can carry about 2 million barrels of oil, take 10 days to travel from the Red Sea to Asia compared with 30 to 35 days from the Mediterranean.
A tanker is scheduled to unload about 2 million barrels of Russian Urals and Kazakh Tengiz crude at Ashkelon in the second half of November, shipbrokers said.
Šaltinis:
Bloomberg
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
New rules for the EU's single market will make it easier to live and do business anywhere in Europe.
more »
MEPs were disappointed that the Commission's EU budget review document had not sought the radical revision that the EU needs, they told Budgets Commissioner Janusz Lewandowski in a Policy Challenges Committee debate on Thursday.
more »
On 25 October, the Commission adopted the decision to financially support the 2011 electoral process in the Central African Republic.
more »
New EU framework for crisis management in the financial sector for managing problems before they spiral out of control.
more »
The financial crisis laid bare the limits of self-regulation, demonstrating the need for strong EU economic governance, surveillance and policy co-ordination, say two non-legislative resolutions voted by Parliament on Wednesday.
more »
The European Commission has approved an application from Germany for assistance from the European Globalisation adjustment Fund (EGF).
more »
Global and EU- level taxes on financial sector would help to fund international challenges such as development or climate change and fix the fallout from the global economic crisis.
more »
The European Investment Bank and African Development Bank today agreed to provide EUR 45m to design, build and operate onshore wind farms on four islands in the Cape Verde archipelago.
more »
MEPs want future EU budgets to accommodate new policy priorities as well as negotiations on new sources of financing.
more »
The European Parliament's Budgets Committee on Monday backed EU funding for 3,731 workers in Portugal, the Netherlands, Spain and Denmark who were made redundant due to the closure of their companies.
more »