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

The U.S. has made a decision to transport shipments via Lithuania

President of the Republic of Lithuania Dalia Grybauskaitė welcomed the decision taken by the U.S. Government to transport shipments for the international mission in Afghanistan by transit via the Klaipėda Seaport. more »

Budgets Committee backs EU Solidarity Fund aid for France and Portugal

EU Solidarity Fund aid to repair storm damage in France and Portugal was approved by the Budgets Committee on Thursday. more »

European Investment Bank to provide technical support for sustainable and climate resilient water projects in Samoa

The European Investment Bank and the Government of Samoa formally agreed to support the rehabilitation and upgrade of independent water schemes in the Pacific island state under a EUR 250,000 technical assistance programme. more »

Single Market Forum: A Europe for businesses and consumers after 2012?

Steps to overhaul the European Union's flagship single market were discussed on Tuesday (9 November) by MEPs and interested parties. more »

Blueprint for energy security

Strategy to secure a sustainable EU energy supply and support economic growth over the next decade. more »

EU Globalisation Adjustment Fund: Parliament backs aid for Irish workers

EU funding to help 850 former workers in the aircraft maintenance industry around Dublin find new jobs was approved by the European Parliament on Thursday. more »

Afghans hope saffron will oust Opium

Saffron farmers in western Afghanistan hope to oust opium as a harvest crop. more »

€114,250 form EU Globalisation Fund to help 189 former workers in Polish shipbuilding sector

The European Commission has approved an application from Poland for assistance from the European Globalisation adjustment Fund (EGF). more »

Vision for European industry

New plans for EU industry to create jobs while keeping manufacturing in Europe. more »

€ 3.5m from European Globalisation Fund to help workers in Spanish textile and construction sectors

The European Commission has approved two applications from Spain for assistance from the EU Globalisation Adjustment Fund (EGF). more »