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

FinMin projects Jan. deficit at Ft 210 bln

Hungary is to register a general government deficit of Ft 210 billion in January, the Finance Ministry projected yesterday more »

Poland needs reform, not the euro

The central bank governor is warning that the euro is not the cure for all Poland's ills more »

Azerbaijan, Georgia to Sign Customs Agreement

Heads of the Azerbaijani and Georgian customs bodies are scheduled to meet at the Boyuk Kasik station on the border shortly more »

Bulgaria Expands Debit Cards by 1 Million

The debit cards issued by Bulgaria's largest card operator BORIKA has increased by more than 1.06 million in 2003 y/y reaching the impressive number of 3.5 million more »

The Legal Framework

Cooperation with international financial organisations more »

$8.35bn in bonds in 2005

The Russia Finance Ministry plans to issue securities worth RUR234bn (about USD8.35bn) in 2005 more »

U.S. may invest big in Ukraine

The United States may invest massively in Ukraine if its new government achieves economic stability, Interfax-Ukraine news agency said Wednesday. more »

Belarus posts most Jan-Nov industrial growth in CIS

Belarus posted the most industrial growth among Commonwealth of Independent States countries in January- November 2004, with output increasing 15.8% year-on-year more »

Time for Poland to pay its bill at the Paris Club

Economists have called on Poland to repay some or all of its approximately zł.52.81 billion debt to the Club, saying now is an ideal time for a buyback of the debt more »

Europe sends the most jobs offshore

Europe stormed ahead of the US last year in its dash to offshore more business activities, a report revealed yesterday more »