French Pipeline Holds Oil For Months After Clients Leave For Rival

Oil and Gas Investing

Major oil companies including ExxonMobil and Rosneft are set by mid-2013, after almost a year of effort, to retrieve $250 million of oil held by a French pipeline company that they stopped using in favour of less expensive routes.

Major oil companies including ExxonMobil and Rosneft are set by mid-2013, after almost a year of effort, to retrieve $250 million of oil held by a French pipeline company that they stopped using in favour of less expensive routes.

Highlights from market news:

ā€“ Oil majors seek to recoup $250 million worth of oil

ā€“Ā After months of negotiation, he said SPSEā€™s management had decided to remove the oil but stressed the process would take a further half year as draining the pipeline is difficult and costly

ā€“ Delay in releasing the oil comes as competition mounts between operators of European pipelines and terminals to serve a shrinking number of refineries while the continentā€™s demand for fuel falls

Ā 

Click here to read full Reuters article.

The Conversation (0)
Ɨ