THE SAUDI - RUSSIAN BATTLE
The Saudi-Russian battle for Europe's crude oil buyers intensified this week as Swedish refiner Preem bought its first cargo of Saudi Arabian crude oil in around two decades, trading sources said.
The purchase from another traditional buyer of Russia's Urals crude will heat up the contest for market share that Saudi Arabia has effectively brought to Russia's backyard in the Baltic region.
Already, Poland's two refineries, PKN Orlen and Lotos, have turned to Saudi crude at the expense of Urals.
The deputy head of Lotos earlier this week told Reuters that the purchase "made our negotiation position much stronger" with its traditional supplier, Russia.
State oil company Saudi Aramco on Thursday also dropped its official selling prices for crude oil to northwest Europe.
Preem, which also predominately runs Russia's Urals crude , confirmed the purchase but declined to elaborate on details.
Market sources said the company would run the crude through refinery units by the end of November to see if it could take Saudi crude more frequently in the future.
|October, 19, 11:30:00|
|October, 19, 11:25:00|
|October, 19, 11:20:00|
|October, 19, 11:15:00|
|October, 19, 11:10:00|
|October, 19, 11:05:00|
PLATTS - Norwegian natural gas exports to the UK jumped to their highest in six months Wednesday as consistently high UK prices incentivized flows normally only reserved for wintry periods.
AZERNEWS - The estimated cost of construction of nuclear power plant of Russian design in Uzbekistan will be about $ 11 billion, the launch of the first power unit has been planned for 2028, the Aide to the President of the Russian Federation Yury Ushakov said.
SHANA - Managing Director of the Iranian Gas Engineering and Development Company (IGEDC) Hassan Montazer Torbati said the supply of one billion cubic meters per day of natural gas by National Iranian Gas Company (NIGC) was one of the goals of the company by 2021.
WNN - China and Belgium have signed a framework agreement on cooperation in the peaceful use of nuclear energy. The agreement was one of several accords signed in Brussels yesterday during a meeting between Chinese Premier Li Keqiang and Belgian Prime Minister Charles Michel.