NEFTE Compass articles from June 2004

NEFTE Compass archives from June 2004

Murky Waters: Moscow Mulls Over Bosporus Congestion.(crude export pipeline)
June 9, 2004... When Russia's energy officials met this week to discuss ways to solve one of the biggest obstacles to shipping Russian crude to world markets, their conclusions could paradoxically lead to supporting a US-sponsored pipeline scheme, rather than...

Plane View: Yukos Targets Integration Into World Aviation Industry.
June 9, 2004... Even as Russian law enforcement authorities hound it at home, Yukos has ambitious plans to integrate the country's civil aviation sector into the rest of the world. This month Yukos starts producing Jet A-1 from its Achinsk refinery,...

Stranglehold: Pipe Constraints Force Output Cuts.(Brief Article)
June 9, 2004... Pipeline capacity constraints are finally forcing Moscow to trim back its crude production plans, with an 18,000 b/d cut in the third quarter schedule. The Industry and Energy Ministry has approved a third-quarter oil and gas balance, with...

First In: Sakhalin Energy Signs First LNG Contract.(Brief Article)
June 9, 2004... Japanese utility Kyushu Electric has signed the first sales and purchase agreement with Royal Dutch/Shell-led Sakhalin Energy to take delivery of natural gas from the Sakhalin-2 project. The deal follows a heads of agreement with the...

US Blues: ConocoPhillips Eyes Russian Riches.(Lukoil stake)
June 9, 2004... ConocoPhillips is eyeing a 7.6% state stake in Lukoil, which the Russian government plans to sell this year, according to the Russian newspaper Vedomosti. The daily claims that Lukoil's management is also holding talks with ConocoPhillips on...

Blood Brothers: Court Joins Cases Against Yukos Shareholders.(YUKOS Oil Co.)
June 9, 2004... Yukos won a small victory in court on Jun. 8 when a judge agreed to simultaneously hear the cases of alleged corruption against company shareholders Mikhail Khodorkovsky and Platon Lebedev. A day later though, Russia's Tax Ministry filed...

Italian Stallion: Eni May Pull Out Of North Caspian Project.(Brief Article)
June 9, 2004... Italy's Eni may pull out of the North Astrakhan development in the north Caspian, after problems with exploration in the field, Astrakhan regional governor Anatoly Guzhvin says. Drilling of an exploration well stopped last August at 6,829...

Talking Shop: Gazprom Gains Ground In Kovykta Talks.(Gazprom Russian Joint Stock Co.)
June 9, 2004... Gazprom appears to be making headway in its attempt to join the TNK-BP-led project to develop the giant Kovykta natural gas field in east Siberia for exports to China and South Korea, as well as domestic use. The gas giant claims that...

Window Of Opportunity: Gazprom Sees LNG And GTL As Lucrative Spin-Offs.(Gazprom Russian Joint Stock Co.)(liquefied natural gas and gas-to-liquids )
June 9, 2004... Gazprom is concerned that if it isn't in a position to deliver liquefied natural gas (LNG) to North America by 2010, it may miss out on a window of opportunity to land a large role for itself in an increasingly import-dependent US gas market....

Holy Land: Gazprom Eyes Opportunities In Israel.(Gazprom Russian Joint Stock Co.)(Brief Article)
June 9, 2004... In a bid to expand its presence in the Middle East, Russia's Gazprom is again eyeing opportunities in Israel. Chief Executive Alexei Miller last week met with Israeli Prime Minister Ariel Sharon to discuss supplying gas to Israel and...

Turkmenistan: New Member Joins Caspian Consortium.(Brief Article)
June 9, 2004... In a bid to push forward plans to develop the Turkmen Caspian shelf, the Russian Zarit consortium has accepted Turkmenneft as a partner. The Turkmen state oil concern has been given a 15% stake in the group, while Rosneft and Itera have...

Ukraine: Baku Offers To Fill Odessa-Brody Line.(Baku-Tbilisi-Ceyhan Co.)(Brief Article)
June 9, 2004... Baku has offered to fill Ukraine's idle Odessa-Brody pipeline, if Kiev is willing to purchase the crude on commercial terms. Azerbaijan exports 160,000 b/d-180,000 b/d (8 million-9 million tons) of crude from the Black Sea ports, and this...

Kazakhstan: Astana Takes Credit For Averting Energy Crisis.(crude production)(Brief Article)
June 9, 2004... Kazakh crude production soared by 11% in the first five months of the year to 1.12 million b/d (23.27 million metric tons), from 1.01 million b/d in the same period last year (see table below). May output, though, fell by almost 7,000 b/d...

Kazakhstan: Nelson Arranges Kazakh Loan.(Nelson Resources Ltd.)(Brief Article)
June 9, 2004... Canada-listed Nelson Resources, an independent active in Kazakhstan, announced that it has arranged a $70 million, four-year financing agreement for its subsidiary, Nelson Buzachi Petroleum, backed by French bank BNP Paribas and trader Vitol....

Azerbaijan: Socar Announces Urals Tender.(Brief Article)
June 9, 2004... Azeri national oil company Socar has announced a tender for a cargo of Russian Urals blend crude loading in July. The tender will close on Jun. 11 for an 80,000 metric ton (586,000 bbl) shipment scheduled to load on July 10-11. The winner...

Belarus: Gazprom, Minsk Finally Sign Gas Deal.(Gazprom Russian Joint Stock Co., Alexei Miller)(Brief Article)
June 9, 2004... Russia and Belarus ended a long-running dispute on Jun. 8, finally signing agreements on the supply and transit of Russian natural gas for this year. Under the deals, signed by Gazprom Chief Executive Alexei Miller and Pyotr Petukh, head...

Tupperware: Tupras Purchase Blocked Again.(Ankara court )(Brief Article)
June 9, 2004... An Ankara court has again blocked Tatneft's purchase of a 66% stake in Turkish state-run refining group Tupras for $1.3 billion. The ruling by Ankara's 10th Administrative Court last week overrides earlier injunctions and...

Pumping Profits: Transneft Reports Profits Raise.(Brief Article)
June 9, 2004... State pipeline operator Transneft has reported a consolidated net profit of 30.56 billion rubles ($1.05 billion) for 2003 in accounts prepared according to International Accounting Standards. This represents a 9.5% increase from the previous...

House Cleaning: Investors Pressure Surgut To Cancel Shares.(Surgutneftegaz Industrial Association)(Brief Article)
June 9, 2004... Minority investors are continuing to pressure Surgutneftegas to improve its corporate governance, and say they will probably appeal to a federal arbitration court in the West Siberian town of Tyumen to make the oil company cancel treasury...

Equities And Currencies.
June 9, 2004... Share Prices Closing On June 8, 2004

Products: Physical Gas Oil Holds Up Against Futures.(Brief Article)
June 9, 2004... Gas oil differentials have held up well against falling futures. The futures slide was caused by lower crude prices and the expectation that US inventory data would show increased stocks. Limited spot availability for June fuel oil cargoes...

Crude: Differentials Hit By Competition.(Oil futures)
June 9, 2004... Oil futures have continued to weaken, led by a further fall in US gasoline. New York gasoline futures have now fallen $13.45/bbl, or 21%, since they hit an all-time record high of $61.75/bbl on May 23. During the same period, Brent crude...

Hard Talk: Kazakhs Stir The Waters Over Kashagan.
June 14, 2004... The curse of Kashagan has struck again. Less than four months after the world's biggest new oil project got back on track after a prolonged dispute over production startup dates, the government of Kazakhstan has rocked the international...

Plea Bargain: Yukos Explores New Ways To End Tax Dispute.
June 14, 2004... Embattled Russian oil major Yukos has offered an olive branch to the government, with a request to settle its tax bill out of court. But just in case the state doesn't want to settle amicably, Yukos has quietly rigged itself up with a debt bomb...

New Deck: Last Minute Cargoes Reshuffled.(Brief Article)
June 14, 2004... The Industry and Energy Ministry has assigned at least two extra crude loading positions in June to producers who pumped more crude than promised. TNK-BP received a 733,000 bbl (100,000 ton) position loading at Primorsk on Jun. 27-28, while...

Opaque: Total Hesitant Over Russia.(Brief Article)
June 14, 2004... France's Total has indicated its hesitancy in committing capital to Russia, as it believes the situation in the country is becoming "more and more opaque." Speaking at a conference in London, Total's senior vice president of strategy, Ian...

Long Acre: TNK-BP Drafts Samotlor Plan.
June 14, 2004... The head of Russia's Energy Agency, Sergei Oganesyan, has confirmed that TNK-BP is operating its giant Samotlor oil field in Western Siberia without a development plan. TNK-BP will, however, draw up a formal plan by 2005 to avoid losing rights...

Spring Low: Oil Products Demand Slumps In May.(Brief Article)
June 14, 2004... Russian refineries reduced their output of fuel oil in May as they shifted their slates to meet the higher diesel and gasoline needs of the summer driving season. Warmer weather meant that national electricity utility RAO UES consumed less...

Marine Life: Lukoil Starts Survey Of Caspian Blocks.
June 14, 2004... Exploration activity is being stepped up in the northern Caspian Sea, with Lukoil Overseas kicking off a marine seismic studies survey of the Tyub-Karagan and Atashsky projects. The Russian oil giant said that the $4.2 million program was...

Southern Cross: Gazprom To Boost Shipments Via Bulgaria.(Brief Article)
June 14, 2004... Gas monopoly Gazprom is pressing ahead with efforts to expand its presence in Bulgaria, given the East European country's strategic importance as a transit hub to southern Europe. Gazprom chief executive Alexei Miller last week met with...

Gas Burst: Surgut Wants To Join Wintershall Joint Venture.(Brief Article)
June 14, 2004... Surgutneftegas, Russia's largest oil major in terms of gas production, could participate with Gazprom subsidiary Urengoigazprom to develop a block of the Urengoi gas field in Western Siberia. In a bid to increase its own reserves, Surgut is...

Luk Out: Lukoil In Anti-Terror Exercise.(Brief Article)
June 14, 2004... Mindful of the threat of terrorism, Russia is stepping up anti-terror efforts in its oil complex. The FSB, successor to the KGB, conducted anti-terror training exercises at Lukoil's Perm refinery in early June. In an operation titled...

Sparks: Gazprom Raises The Ante In Kovykta Negotiations.
June 14, 2004... Negotiations on the potential sale of gas from the giant TNK-BP-operated Kovykta field in East Siberia have taken on a sharply confrontational and politicized tone since Gazprom moved to the fore in the Russian negotiating team. Prospective...

Kazakhstan: PetroKazakhstan Explores New Iranian Route.
June 14, 2004... Canada's PetroKazakhstan is exploring the idea of transporting its crude oil from Kazakhstan across Iran by rail for export from the Mideast Gulf, to complement an existing swap arrangement with the Iranians. The plan is still embryonic,...

Romania: Lukoil To Restart Revamped Refinery.(Brief Article)
June 14, 2004... Russia's Lukoil plans to restart the Petrotel refinery in Romania next month, after upgrading the plant to produce European Union standard Euro-3 grade gasoline, according to the company's president executive Vagit Alekperov. Lukoil has...

Azerbaijan: Lukoil Trading Arm Wins Socar Tender.(Brief Article)
June 14, 2004... Azeri state oil company Socar has awarded its latest tender for a 585,000 bbl (80,000 ton) cargo to Lukoil's trading arm Litasco. The Urals blend cargo will load around Jul. 11 out of the Russian Black Sea port of Novorossiysk. ...

Ukraine: Kiev Launches Tax Probe Into TNK-BP.(Brief Article)
June 14, 2004... Ukrainian law enforcement authorities have opened a tax probe into TNK-BP, in the wake of a shortage of oil products on the local market. The Lugansk region prosecutor has also opened a criminal investigation into two former managers of the...

Azerbaijan: Work To Start On Turkey-Greece Gas Pipeline.(Brief Article)
June 14, 2004... In a move that could help bring Caspian gas to markets in Europe, Turkey will start building a 285 km pipeline linking it to Greece, which would help Turkey re-export gas from Azerbaijan. Construction is set to start by year-end, Turkish...

Ukraine: Iranian Oil Ministry Sets Up Joint Venture Company.(Brief Article)
June 14, 2004... Iran's oil ministry and an unidentified Ukrainian company have agreed to set up a joint venture company, IrUkr, to supply Iran with oil and gas equipment and provide Iran with services and technologies, according to Iranian sources. ...

Stimulating: Gazprom Buys Stimul Stake.(Brief Article)
June 14, 2004... Natural gas monopoly Gazprom announced that it is raising its stake in Russian oil and gas producer Stimul to a controlling 51%, buying out a minority interest from the Getty family and ending a legal dispute. Two companies controlled by...

Taking Aim: Nelson To Tap London Market.(Brief Article)
June 14, 2004... Nelson Resources, a Canadian independent that operates in Kazakhstan, plans to raise up to US$200 million from a share placement on the Alternative Investment Market (AIM) in London. Given that the company's market capitalization on the...

Equities And Currencies.
June 14, 2004... Share Prices Closing On June 15, 2004

Crude Oil: Iraqi Sabotage Fails To Shake The Market.
June 14, 2004... Oil markets this week reacted contrary to normal rules and twitched only briefly on news that a wave of sabotage indefinitely had halted 1.6 million b/d of Iraqi exports. It would take most of Opec's spare production capacity to replace...

Products: Gas Oil Holds Up As Fuel Oil Dips.
June 14, 2004... Gas oil differentials continue to hold up against falling futures. Fuel oil prices in the Mediterranean have dropped more than $30 per metric ton over the past two weeks because of lower crude futures and increased supply. The premium...

Balance Of Power: Russia Sends Positive Signals To Investors.
June 23, 2004... It has been a week of mostly good news for investors in Russia, who received a series of positive signals that the government is looking to strike the right balance between public and private interests. President Vladimir Putin's brief...

Juggling Act: Russia Gives Way To Caspian Crude In Q3 Exports.
June 23, 2004... Russia is trimming its own oil exports in the third quarter of 2004 as it makes room in its glutted pipelines for crude from its Caspian neighbors. Russia is set to keep crude pumping flat in the third quarter from the previous quarter....

Bust Out: Vainshtok Unveils Plans For Barents Sea Line.(Brief Article)
June 23, 2004... Under pressure to expand the country's clogged pipeline network, Transneft president Semyon Vainshtok has unveiled plans for a proposed pipeline from Western Siberia to the Barents Sea for long-haul deliveries to the US. The pipeline will...

Restorative: Lukoil Rebuilds Bridges With Iraq.(Brief Article)
June 23, 2004... In a bid to hold on to its West Qurna project in Iraq, Lukoil is continuing to build bridges with Baghdad. The Russian oil major this week held the first meeting of a joint technical committee on cooperation with the Iraqi Oil Ministry. ...

Island Allure: Gazprom Eyes Sakhalin LNG Exports.(Liquified Natural Gas)
June 23, 2004... A delegation from Russia's Ministry of Industry and Energy was due on Jun. 23 to start a weeklong visit to China and South Korea to discuss liquefied natural gas deliveries from Russia's Sakhalin Island. The visit coincides with...

Heating Up: Gazprom Cranks Up Exports.
June 23, 2004... Gazprom has increased its European sales by 60% in terms of revenue and 10% in terms of volume over the last five years, thanks to "higher energy prices and our efforts to maintain market share while Europe liberalized its gas market,"...

Turkish Flop: Tatneft Frustrated In Turkish Refinery Deal.(Brief Article)
June 23, 2004... Russia's Tatneft was this week further frustrated in its efforts to take over Turkish refining group Tupras after Turkey's high court upheld a lower court ruling that blocked the privatization. The sale remains suspended until the high...

Gold Rush: Shell, Chevron Interested In Russia Deals.
June 23, 2004... Royal Dutch/Shell and ChevronTexaco indicated this week that they could make acquisitions in Russia, but remained coy about any specific deals that might be completed or their timeframes. "We are always looking for opportunities; our focus...

Just Say No: Transneft Opposes Private Pipeline Investment.(Brief Article)
June 23, 2004... State pipeline operator Transneft has reiterated its opposition to private investors taking a role in the construction of new pipeline infrastructure. Transneft could implement and operate all necessary projects, while also attracting...

New Hood: TNK-BP Approves Plan To Re-Register In Russia.(Brief Article)
June 23, 2004... The board of Anglo-Russian TNK-BP has approved a plan to restructure the company so it will be registered in Russia's Tyumen region in Western Siberia instead of in an offshore zone. The decision was taken at a mid-year board meeting in Moscow...

Lift Off: Lukoil Launches First Official Vysotsk Shipments.
June 23, 2004... After several delays, Lukoil has finally launched its first official cargo from its new Vysotsk terminal on the Baltic Sea. The new facility has an annual capacity of 2.5 million metric tons per year (50,000 b/d) of crude and is able to...

Idler: Russia Rejects New Odessa-Brody Proposal.(Brief Article)
June 23, 2004... Russia has rejected a proposal from Ukraine to ship Siberian Light crude oil from the Black Sea port of Tuapse through the idle Odessa-Brody pipeline and onward to European refiners. Russia's Industry and Energy Minister Viktor Khristenko...

Preliminary Russian Crude Loading Programs For July 2004.(Brief Article)
June 23, 2004... Preliminary Novorossiysk Crude Loading Program For July 2004

Uzbekistan: Lukoil Signs PSA For Gas Fields.(Brief Article)
June 23, 2004... Russia's Lukoil has signed a $1 billion production sharing agreement (PSA) with Uzbekistan to develop natural gas deposits in the south of the country. Lukoil will invest $1 billion to develop the Kandym, Khausak and Shady gas fields, with...

Black Spot: Russia Divided Over Bosporus Bypass Routes.
June 23, 2004... The debate about pipeline routes to bypass Turkey's congested Bosporus strait is far from over, with Russia split over which horse to back. Deputy Foreign Minister Viktor Kalyuzhny has come out in favor of the Bourgas-Alexandroupolis...

Blue Flame: Gazprom Profits Rise On Stronger Gas Prices.(Brief Article)
June 23, 2004... Russian gas giant Gazprom reported a 64% rise in its net profits for 2003, on the back of strong international gas prices and higher exports volumes. The state monopoly reported a net profit of almost 170.9 billion rubles ($5.9 billion)...

At The Double: Lukoil Sees Profits Rise Above Expectations.(Brief Article)
June 23, 2004... Lukoil has posted a net profit of $3.7 billion for 2003 -- a two-fold increase from 2002 -- in preliminary consolidated accounts prepared under US GAAP standards. The company's revenues last year jumped to $22.12 billion, from $15.33...

Equities And Currencies.(Brief Article)
June 23, 2004... Share Prices Closing On June 22, 2004

Crude Oil: Norwegian Strike Fails To Rock The Market.
June 23, 2004... A Norwegian offshore strike most believed would peter out through government arbitrage looks set to escalate and take out 700,000 b/d of production by the weekend. However, so far the strike has had limited impact except to put a floor under...

Products: Gas Oil Under Pressure In The Med.
June 23, 2004... Gas oil futures suffered a late decline in line with crude, but high shipping rates supported c.i.f. differentials in Northwest Europe. Ample gas oil supplies out of the Black Sea and a lack of arbitrage opportunities are pressuring...

Majors Air Grievances As Kazakhstan Sticks To Its Guns.
June 30, 2004... Kazakhstan's last-minute move to buy BG's 16.67% stake in the mammoth offshore Kashagan field has opened a legal can of worms and forced some of the main international partners in the project to air their grievances to President Nursultan...

Moscow To Raise Export Tariffs To Record Levels.
June 30, 2004... The Russian government is rubbing its hands in anticipation, as it prepares to grab an even bigger piece of the petrodollar pie by slapping record-high tariffs on crude exports. Tariffs are set to soar in August to $70 per ton ($9.55 per...

Yukos Battle Nears Climax As Tax Bill Upheld.(YUKOS Oil Co.)
June 30, 2004... Besieged major Yukos must pay a $3.4 billion tax bill that could bankrupt the company, after a Moscow appeals court upheld an earlier ruling. The decision brings the claim against Yukos into force immediately. Russia's Tax Ministry could...

Resources Ministry Warns On Licenses.
June 30, 2004... Russia's Ministry of Natural Resources is cracking down on licenses for major oil and gas projects in the country, targeting companies dragging their feet on development. Royal Dutch/Shell, Lukoil and Yukos were summoned late last week to...

Gazprom Director Calls For Ring Fence Reform.(Gazprom Russian Joint Stock Co)
June 30, 2004... Gazprom independent director Boris Fedorov has called on the Russian government to say how and when it plans to liberalize the market for Gazprom shares, after no announcement about the issue emerged from the company's annual meeting at the end...

Moscow Finally Agrees To Single Hull Fuel Oil Ban.(tankers ban)
June 30, 2004... Russia has agreed to ban single-hulled tankers from carrying fuel oil from its waters, bowing to relentless pressure from its neighbors. Moscow says it will introduce the prohibition against single-hull tankers carrying heavy fuel oil on...

Russia Returns As Crude Supplier To US.(Brief Article)
June 30, 2004... Russia has returned as a crude supplier to the US market after a break of several months. Deliveries from Russia to the US stood at 42,000 b/d in March and jumped to 193,000 b/d in April. Industry sources say that May was a weak month...

Crude Production Moves Ahead In May.(Brief Article)
June 30, 2004... Russian crude production continued to grow in May and reached 9.08 million b/d (38.42 million metric tons), 9.6% more than a year ago (see p10). It was also 70,400 b/d bigger than April's output. Production in the first five months of the...

Vysotsk Launches VGO Exports.(Lukoil exports its first vaccum oil gas from its terminal vysotsk)(Brief Article)
June 30, 2004... Lukoil has shipped its first vacuum gas oil (VGO) from Vysotsk, its new terminal on the Baltic Sea, sending an 18,000 metric ton cargo to markets in Europe. The terminal had been handling mainly crude up until now (NC Jun.24,p6). Lukoil's...

Lukoil Faces Pipeline Problems In Komi.(Brief Article)
June 30, 2004... Pipeline infrastructure constraints in the northern Komi Republic are blocking Lukoil from boosting oil and gas production any further in the region, the company says. Lukoil plans to produce 6.7 million metric tons (135,000 b/d) of crude and...

Government To Make Pipe Decisions.(russian government planning to build crude pipeline)(Brief Article)
June 30, 2004... The Russian government plans within the next few months to make investment decisions on expanding the Baltic Pipeline System (BPS) and building a crude oil pipeline from Eastern Siberia to the Pacific port of Nakhodka, Russian Industry and...

Lukoil Says No To Investment In Bosporus Bypass.(Brief Article)
June 30, 2004... Lukoil will not invest in the construction of the Bourgas-Alexandroupolis oil pipeline, which would be built across Bulgaria and Greece to bypass Turkey's congested Bosporus Strait, says Lukoil vice president Leonid Fedun. Lukoil would...

Gazprom CEO Confirms Interest In Sakhalin-2.(Gazprom Russian Joint Stock Co.)
June 30, 2004... Natural gas giant Gazprom expects to see results next month from talks with Royal Dutch/Shell about joining the Sakhalin-2 liquefied natural gas project (LNG), said Gazprom CEO Alexei Miller after the company's annual shareholder meeting last...

Lukoil Pledges To Build On Record Results.(statistics)
June 30, 2004... Lukoil plans from moving from strength to strength this year, by continuing to increase crude production and exports, reducing costs and divesting non-core assets, says company president Vagit Alekperov. Last year was the most successful in...

Tatneft Gets Independent Board Directors.(appointments)(Brief Article)
June 30, 2004... Tatarstan-based crude producer Tatneft has elected two independent directors to its board to meet US regulations and keep its listing on the New York Stock Exchange (NC Jul.3,p8). Although officially independent, analysts note that one new...

Russian Crude Loading Programs For July 2004.
June 30, 2004... Revised Novorossiysk Crude Loading Program For July 2004

Younger Generation Lead Kashagan Campaign.(in Kazakhstan)
June 30, 2004... Kazakhstan's campaign to rejoin the Kashagan project by snapping up BG's stake would have had the full blessing of President Nursultan Nazarbaev, who has been criticized in the past for giving too much away to the big foreign companies,...

Russia To Discuss Crude Transit Protocol.(Brief Article)
June 30, 2004... A 15-year protocol on Russian crude transit across Ukraine is expected to be on the agenda when Ukraine's Prime Minister Viktor Yanukovich arrives in Moscow this week to discuss oil and gas supplies to the former Soviet republic. Kiev has...

Lukoil Swoops For Full Control Over LukAgip.(joint venture)(Brief Article)
June 30, 2004... Russian oil major Lukoil announced it has signed a binding agreement with Italy's Eni to buy the latter's 50% stake in their LukAgip joint venture. Lukoil will take full control of the venture -- which owns 10% stakes in both the BP-led...

Taurus Bags Socar Volumes.(Brief Article)
June 30, 2004... Azeri state oil company Socar has awarded its latest tender for a 1 million bbl cargo to Swiss-based trader Taurus. The Urals blend cargo will load at the end of July out of the Russian Black Sea port of Novorossiysk. Lukoil's trading...