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
Nils Melngailis, the Chairman of Parex banka, and Alex M Furber, American Express Vice President in Central and Eastern Europe, agreed to explore further options for co-operation.
more »
Every one of the Taiwan's 23 million population has been given a voucher worth the equivalent of just over 100 U.S.dollars.
more »
Commission cuts economic growth forecast as scale of financial crisis and ensuing global downturn become apparent.
more »
Wincor Nixdorf AG completed the first quarter of the current fiscal year with 7 percent growth in net sales and an 8 percent increase in operating profit (EBITA).
more »
New homes go up in the UK's eastern county of Norfolk. There is also the unusual take on selling new homes.
more »
Announces approximately 4,000 additional workforce reductions, primarily in the Mobile Devices business. Total cost savings from recent actions now expected to be approximately $1.5 billion in 2009.
more »
MasterCard announces organizational changes.
more »
Economic volatility , rising prices and a general pessimism about what the future holds were all opinions voiced in a recent “Eurobarometer” European survey.
more »
Wincor Nixdorf AG says it exceeded its profit goals for fiscal year 2007/2008, which ended Sept. 30, despite a battered global economy and a slight drop in retail sales.
more »
Across the country Australians are expected to spend over 10 billion U.S. dollars in post-Christmas sales.
more »