UPDATE: First Cargoes From Ust-Luga Due To Load March-Transneft
March 15 2012 - 7:30AM
Dow Jones News
The first cargoes of Russian Urals crude are expected to load
from the new Baltic oil terminal of Ust-Luga in March following
months of delays to the start of operations, a spokesman for state
oil pipeline operator OAO Transneft (TRNFP.RS) said Thursday.
Two test cargoes are due to load at the end of March and will
take longer than usual so that the operators can gather all the
necessary test information, the spokesman told Dow Jones
Newswires.
"If the first loading goes well--as expected--a second test
loading will start several days later," he added.
Russian oil company Surgutneftgaz JSC (SGTZY) issued a tender to
sell the first cargo, 100,000 metric tons of Urals crude scheduled
to load on March 21-22.
The tender was met by skepticism from traders after a similar
offer last month was rescinded.
"I feel like I've seen these headlines every month since
November," said one trader.
"We will see if it actually loads," he added.
The start of operations at Ust Luga was delayed due to the
collapse of a berth in November, which led to extended maintenance
and forced the start date to be pushed back several times.
The terminal is set to handle around 400,000 barrels a day,
shipped via the Baltic Pipeline System. The pipeline redirects
Russian oil to the Baltic Sea from the Druzhba pipeline system that
goes through Belarus to the European Union.
-By Sarah Kent and Konstantin Rozhnov, Dow Jones
Newswires;4420-7842-9376; sarah.kent@dowjones.com
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