Shell, Chevron urge Russia to speed building of pipelines

Published: 22 April 2004 y., Thursday
Royal Dutch/Shell Group and ChevronTexaco Corp. urged Russia to speed up the construction of oil pipelines, saying insufficient capacity is trapping fuel inside the country and may deter investment to develop crude deposits in the world's top oil producer. The government also needs to ensure producers have equal access to Russian oil pipelines, John Barry, the head of Shell's Russian operations, and Sam Laidlaw, ChevronTexaco's executive vice president, told an investment conference in London. "Russia needs investment in oil infrastructure,'' Barry said. "I don't care whether Russian pipelines are private or state-owned. What I need is access to the pipelines.'' Russian oil producers, who ship most of their oil to Europe across the Black and Baltic seas, face bottlenecks in the country's state-owned pipelines and in the straits leading out of those seas to European ports. The resulting glut of oil in Russia keeps domestic crude prices at less than half the international level. The country has increased oil extraction 35 percent since 1999 and probably overtook Saudi Arabia as the world's top oil supplier this year.
Šaltinis: gulf-news.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Positive ratings for Poland

Two credit-rating agencies believe Poland's economic outlook is "positive" more »

Polish Central Bank May Reduce Benchmark Rate, Survey Shows

Poland's central bank probably will lower borrowing costs, the second highest in the European Union, for the first time since June 2003 more »

SIEMENS TO DESIGN HIGH-SPEED ELECTRIC TRAINS FOR RUSSIA

The public company Russian Railways will sign a treaty with the Siemens on the stage of designing, the organization of the production of high-speed electric trains and general terms of the contract on April 11 in Hannover more »

Swiss airline: hawk turned pigeon in European sky wars

Switzerland's top airline, after being one of the hunters during the 1990s, succumbed to upheaval in the European air travel market last week to become the prey of German carrier Lufthansa more »

Saddam-Linked Firm with Bulgarian Bank Account

A company linked to the regime of ousted Iraqi dictator Saddam Hussein has had an account in a Bulgarian bank since 1994 more »

Ukraine PM plans more social spending

Ukraine’s parliament on Friday examined the new government’s revised 2005 budget more »

Knowledge Economy Forum IV

EUROPEAN, CENTRAL ASIAN COUNTRIES TO DISCUSS BUSINESS ENVIRONMENT ISSUES more »

Lithuania Losing Patience With Yukos

The Lithuanian government said it was not happy with Yukos' work at Mazeikiu Nafta, an oil refinery and terminal, and has held talks with companies that want to buy Yukos' 54 percent stake more »

UZPRIVATBANK ISSUES CREDIT CARDS

Uzprivatbank started to issue credit cards along with debit cards more »

U.S. Treasury Backs Poland's Buyback Plan

The United States will take part in Poland's plan to buy back a large chunk of its $16 billion in Communist-era debt more »