(Bloomberg/Moscow Times) Russia and its neighbors may boost crude oil shipments through the 254-kilometer Ashkelon-Eilat pipeline from the the Mediterranean to the Red Sea, helping them compete against Persian Gulf nations for sales in Asia. The demand for Russian oil is growing faster in Asia than in Europe, as China and Japan seek to reduce their dependence on Middle East exports. The pipeline gives oil companies an alternative to the longer route around Africa and lets them avoid restrictions in Egypt's Suez Canal. Very large crude carriers, which can carry about 2 million barrels of oil, take 10 days to travel from the Red Sea to Asia compared with 30 to 35 days from the Mediterranean.
2003-11-04 00:00:00Full ArticleBACK Visit the Daily Alert Archive