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Pastimes : I AM A MINDLESS ZOMBIE
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To: Maurice Winn who started this subject9/18/2002 3:15:16 PM
From: AC Flyer  Read Replies (2) of 258
 
Russians To Ship Oil Regularly to U.S.

siliconinvestor.com

09/18/2002 12:39:20 EST
MOSCOW (AP) - Russia's second-largest oil company will continue to ship crude directly to the United States through the end of the year, Yukos officials said Wednesday.

The first tanker arrived in Houston in July, and U.S. officials hailed the delivery as a step toward reducing dependence on the Middle East for energy.

Yukos, which like the rest of Russia's aggressive young oil companies is eager to expand its market share, said in a statement that the shipments so far make financial sense.

"Our calculations show that the economics of shipping oil to the U.S. from Black Sea ports can compare favorably with shipping to Europe," the company said.

Yukos officials said they hope to evaluate by year's end the long-term prospects for the shipments.

Yukos shipped 1.72 million barrels of crude to U.S. shores in early July and 1.91 million barrels in August.

The first shipment was bought by Exxon Mobil Corp. and another unidentified buyer, Yukos vice president Mikhail Brudno said. Company officials have not identified subsequent buyers.

Analysts have said that Yukos so far lacks the deep-water ports and other infrastructure to affect the U.S. market. But the shipments did have symbolic value, beginning after U.S. President George W. Bush and Russian President Vladimir Putin pledged to boost energy cooperation.

Russia is the world's second-largest oil producer, and its privatized companies have been eager to challenge the Persian Gulf in the world marketplace.
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