Moscow: Crude oil prices around the world look likely to rise over the next few months as delays in commissioning of pipelines for Russia's Sakhalin-2 project indicate that it will be unable to supply year round exports, reports Reuters. Â
The delay has meant that year round supplies from the project, jointly owned by Gazprom, Shell, Mitsui & Co and Mitsubishi, are now scheduled to begin only next year once the pipelines have received technical and environmental approval.
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Production of Vityaz crude at the project is expected to more than double from the current 60,000-70,000 barrels per day (bpd) to 150,000 bpd in the next four years. [20/09/07]
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