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

World Bank voices doubts

Of the 10 new members that joined the European Union in May 2004, the majority of the eight former communist bloc countries plan tight budgets for 2005 more »

Russia 'must spy' on big business

Mikhail Fradkov, Russia’s Prime Minister, has stunned the business community by saying his country's secret service must spy on large corporations to guarantee economic growth more »

Moldova reports increase in industrial production

Moldovan industrial production advanced 6.4 percent in 2004 to USD1.415bn, the Statistics and Sociology Department of the republic announced more »

The Lowest Inflation Rate

Lithuania has the lowest inflation rate among the Baltic States more »

Bulgaria FIBank Launches Eurobond Issue

Bulgaria's First Investment Bank issued EUR 200 M of bonds with a three-year maturity in a sale managed by ABN Amro and Dresdner Kleinword Wasserstein more »

Latvia Vows a Tougher Line on Banks

Latvian Prime Minister Aigars Kalvitis said he will lead a new effort to prosecute and prevent money laundering in the Baltic state to avoid international sanctions against the country's banks more »

Development of Plastic Cards System

Seminar on development of non-cash settlements with use of plastic cards in Uzbekistan more »

Italy-Azerbaijan Investment Conference Due In Rome

A 40-member Azerbaijani business delegation is scheduled to leave for Rome to attend an Italy-Azerbaijan conference on investments due on February 25 more »

Latvia Is Ready to Link Currency to the Euro

Latvia, the European Union's fastest growing economy, is ready to link its currency to the euro in a two-year test period prior to adopting Europe's common currency more »

The Substantial Reforms

Koizumi says Japan's economy recovering, vows to fight deflation more »