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

Wincor Nixdorf sales up 4% despite slower biz growth

Wincor Nixdorf AG closed the first six months of fiscal year 2008/2009 with a 4 percent increase in net sales and a 2 percent increase in operating profit (EBITA). more »

Raiffeisen Bank in Poland launches mobile banking in Europe

Raiffeisen Bank Polska SA, a subsidiary of Raiffeisen International, a leading financial corporation in Central and Eastern Europe, has deployed "VIP Mobile," a next-generation mobile banking solution. more »

SOS for EU fishing – save our stocks

Commission calls for help with reforming EU fishing. more »

IFC and Lithuania’s SEB Bank Launch Transaction to Help Businesses Adopt Renewable Energy

IFC, a member of the World Bank Group, and SEB Bank today launched an innovative transaction that will support lending of around €50 million to help small and medium enterprises in Lithuania switch to renewable sources of energy. more »

MEPs to debate the 2007 budget discharge

Is your money well spent at EU level? Every year, in April, the EP concludes its examination of EU spending for the financial year closed 16 months previously. more »

Shake-up of gas and electricity market debated Tuesday

The right to compensation for poor service, the right to change gas and electricity suppliers and comparable prices are just three aspects of the proposed “third energy package” being debated today by MEPs. more »

Banks in India halt ATM expansion, consolidate tellers

As access to ATMs became free from April 1, many banks are expected to consider consolidating their teller operations instead of aggressively expanding ATM network. more »

“Smart Security” industry withstands crisis

Crisis or no crisis, secure identity cards will still be needed to cross borders… more »

UniCredit gives 1 million euro to help Abruzzo

A fund-raising initiative has been launched among 170,000 employees in all 22 countries where the Group operates more »

Bank SNORAS Klaipėda branch is among the top ten leaders of „Excellent service” month

This year AB Bank SNORAS also joined the promotional event "Praise excellent service!" which is held in March every year. more »