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
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.
The most popular articles
In European sustainable energy week 2010, new EU energy commissioner presents strategy to reduce Europe’s dependence on fossil fuel.
more »
The EBRD is launching a Project Complaint Mechanism, which is expected to enhance the accountability and transparency of the Bank’s operations.
more »
The EBRD is boosting the availability of local currency financing in Armenia with a synthetic loan in Armenian Drams (AMD) worth $4 million to FINCA UCO CJSC for on-lending to local micro and small enterprises (MSEs).
more »
This year is the UN year of biodiversity and it brings endangered species into the spotlight.
more »
The World Bank Board of Directors today approved a US$65 million project to support the recovery of Haiti’s critical infrastructure as well as the reestablishment of basic State functions following the devastating 7.0 magnitude earthquake on January 12, 2010.
more »
Haiti’s arduous reconstruction and recovery process jolted forward today following fresh commitments to help the Caribbean nation rebuild in the wake of its devastating January 12 earthquake.
more »
A mission from the African Department of the International Monetary Fund (IMF) visited Uganda during March 4-17, 2010, to conduct the seventh and final review under Uganda’s Policy Support Instrument (PSI) and reach understandings on a policy framework for a new three-year PSI to cover the period 2010 to 2013.
more »
The European Economic and Social Committee (EESC), as the first EU institution, rose to the challenge of providing a comprehensive vision for the future of the Common Agriculture Policy (CAP), in advance of the European Commission's papers on the matter, due to be issued later this year and in 2011.
more »
The outlook for primary energy supplies, heat, and electricity is questionable for the Eastern Europe and Central Asia region, despite Russia and Central Asia’s current role as a major energy supplier to both Eastern and Western Europe.
more »
The Executive Board of the International Monetary Fund (IMF) today approved a 36-month, SDR 513.9 million (about US$790 million) Stand-By Arrangement (SBA) for El Salvador to help the country mitigate the adverse effects of the global crisis.
more »