Russian firms back arctic tanker terminal to boost exports to US, Asia

12/23/2002
Russia's four top oil firms—OAO Lukoil, OAO Yukos, Tyumen Oil Co., and OAO Sibneft—were scheduled earlier this month to sign a preliminary deal to build a major terminal in Murmansk on the Barents Sea to boost oil exports to the US.Together, the four firms account for more than half of Russia's 8 million b/d of oil production. Their proposed plan includes building a 1,500 km link between Murmansk and Russia's existing pipeline network.Russian producers previously proposed US investment in a Murmansk terminal as a means of reducing the cost of exporting crude to US markets. Russia already produces far more oil than it can export, due to the lack of pipelines and por...
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