Company news in July 2004 | |||
Russo-British TNK-BP to Annually Pump 1.3-1.4 Million Tons of Oil Through Odessa/Brody Oil Pipeline
The Russo-British TNK-BP is going to annually pump 1.3-1.4 million tons of oil through the Odessa/Brody oil pipeline, informed the News Service of TNK-BP Ukraine on July 6, with reference to the company''s President Alexander Gorodetsky. According to Mr. Gorodetsky, 9 million tons of Russian oil a year, which TNK-BP offered to pump through the oil pipeline to Ukraine, will be pumped by a number of Russian companies that will distribute this volume on a pro rata basis. TNK-BP will account for some 15% of oil. Besides TNK-BP, LUKOIL Oil Company OJSC, YUKOS Oil Company OJSC, Sibneft Oil Company, Slavneft NGK OJSC expressed their willingness to pump oil through the Odessa/Brody oil pipeline in the reverse mode, Mr. Gorodetsky said. On July 8, 2004, the Supervisory Board of Ukrtransneft OJSC resolved to enter into agreements for filling and the start of operation of the Odessa/Brody oil pipeline in the next three years with companies making part of the Russo-British TNK-BP Group for transportation of 9 million tons of Russian crude oil annually. As PRIME TASS reported earlier with reference to Mr. Gorodetsky, Russian crude oil pumping through the Odessa/Brody pipeline is only possible in 4Q 2004 at the earliest, because all volumes have already been agreed upon for the 3rd quarter. According to information provided by the News Service of Ukrtransneft, a draft agreement between Ukrtransneft OJSC and TNK-BP for filling of the Odessa/Brody oil pipeline envisages Russian Urals oil transportation along the route of Mozyr/Brody/Yuzhny terminal in the guaranteed volume of up to 9 million tons a year, which will enable the Ukrainian company to additionally received the income of $ 91.8 million and to receive credit facility in the amount of $ 108 million for purchase of technological oil in the amount of 450,000 tons. In addition, the agreement provides for the possibility of changing the direction of crude oil transportation by this oil pipeline during 3 months from the date of making the appropriate decision.
Source: PRIME TASS