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
When you fill up your car with petrol you often find that your hand will reek of petrol unless you have worn gloves.
more »
The EU is going through its worst recession since WWII. Inflation has slowed, but employment and public finances are hard hit. The situation should stabilise in 2010.
more »
In the current economic environment, banks should carefully analyze the current and future total cost of ownership of their technology assets, and evaluate the outsourcing alternative.
more »
Commission proposes first EU law on hedge funds and issues guidelines on bank pay practices.
more »
On 30 April, Lithuania’s Minister of Foreign Affairs Vygaudas Ušackas took part in the round table discussion “The European Union’s External Trade Policy and Lithuania’s Positions: Threats and Possibilities for the Lithuanian Industry”.
more »
Since 28 April this year, the clients of AB Bank SNORAS will be able to process their financial matters in a clearer and more user-friendly environment of “Internet Bank+” system.
more »
2009 ageing report: Europe tackling the challenge of an ageing population but the recession threatens a setback.
more »
More choice, investment and security of supply lie at the heart of the 3rd energy package.
more »
Swine flu, a new strain of influenza, has so far left more than a hundred dead. But in one sector, the illness could have huge benefits.
more »
Central European bargain hunters are crossing borders for the best buys. Slovakian shoppers in Hungary are making the most of their new eurozone membership.
more »