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Tuesday, 18 December 2012

Brent is set to go even higher

In another blow to Europe, Russia completed the second stage of diversification pipeline to the Pacific, the oil from the Eastern and Western Siberia will go directly to Asia customers. The spot market may be rattled as early as this week.

The first stage of the project caused Brent oil surpass Texas Light by good 6-7 dollars, now the lead will be even higher. In total about 50 mln. tonnes of oil will be diverted to the Russian far East facility at  "Kozmino" (endpoint pipeline system Eastern Siberia-Pacific Ocean, ESPO).

The construction of the oil pipeline ESPO-II in Primorye.  Photo by: RIA PrimaMedia

In January-November 2012 the shipping for export was limited just to 14.4 million tonnes of oil, and it was delivered between the outlet of the ESPO-I in Skovorodino to Kozmino by rail cars.

Now the oil will flow directly to the harbor without interruption. Since the beginning of 2012 the largest amount of oil sent to Japan (30%), China - 25% in the U.S. - almost 20%. Smaller share of imported South Korea, Singapore, Taiwan, Thailand, Indonesia, Philippines and Malaysia. The increase in shipments compared to the same period last year due to the commissioning of the berth number 2 LLC "Spetsmornefteport Kozmino" to port expansion to 30 million tons.

The first tanker moored at berth № 2 LLC "Spetsmornefteport Kozmino" on November 10 of this year, after the completion of construction the berth and dredging area for berthing of vessels with a displacement of 80 to 120 thousands tonnes.

In the second and third week of November under the new loading dock were three more tankers. In December of Spetsmornefteport "Kozmino" plans to export 1.8 million tons of raw materials, six tanker shipments of 100 thousand tons each - at the expense of the berth number 2. It is expected that the total amount shipped in 2012, oil will rise to 16.3 million tonnes.

ESPO is built to transport oil to the Asia-Pacific region. The first phase of the system was put into operation at the end of December 2009. In the first stage was built pipeline section Taishet (Irkutsk region)-Skovorodino and Kozmino oil terminal on the Pacific coast.

In the words of known hawk-neocon Zbignev Bzezhinsky: "The last day of America can be considered as the day when from the port Kozmino goes first tanker with oil, sold for rubles ... "

The rubles are not in favor yet, so America can sleep in peace, but for Europe the development means hard times to come. The new terminal in Kozmino relieves the pressure of oversupply on the European market, and instead deliver the oil to more vibrant Asian market.

Kommy (c)

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