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
The finance chiefs from the leading economies met in southern England to discuss measures to deal with the global economic crisis.
more »
Environmental projects up for bid at ‘auction floor’ conference in Brussels.
more »
In the United States increasing numbers of men are having vasectomies to avoid any added strain on hard-pressed finances.
more »
Within last year the number of settlement operations made by using AB Bank SNORAS payment cards grew by 21 per cent or twice more than on the market where 10 per cent growth was fixed.
more »
The “Erika III” package, aimed at protecting Europe's coasts from maritime disasters and improving passenger and crew safety, was adopted by Parliament on Wednesday.
more »
Improving the transparency and the supervision of the financial system to ensure proper risk management in the banking sector is the aim of legislation approved on Monday by the Economic and Monetary Affairs Committee.
more »
MEPs could back speeding up the rate at which Europe's regional funds are made available.
more »
The Commission has taken a humanitarian decision for €700,000 to provide assistance to communities affected by floods in Fiji, the Solomon Islands and Papua New Guinea.
more »
The international business magazine Euromoney has announced the results of its Private Banking Survey 2009, and Parex banka has received the award for “Best Private Banking Services Overall” in Latvia.
more »
Mass layoffs and inflation are pushing people to seek food aid.
more »