Showing posts with label crude. Show all posts
Showing posts with label crude. Show all posts

Tuesday, December 25, 2012

Asia to get more Russian ESPO crude as second pipeline opened

Transneft has launched the second branch of the East Siberia - Pacific Ocean (ESPO-2) pipeline which could increase the chances of ESPO blend crude becoming a new benchmark blend.
With the ESPO branch open the capacity of the pipeline network stretching from the Baltic to the Pacific Ocean will double to 30mn tonnes. Total exports are expected to reach 36mn tonnes in 2013.
The project “will seriously broaden the infrastructural potential of Russia's Far Eastern regions,” according to Russian President Vladimir Putin speaking during a TV link-up.
ESPO will ship oil to Japan, China, the United States, South Korea, the Philippines, Singapore and Taiwan, he said.

EL News