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15

Lukoil Launched Shipments To Europe

The Russian privately owned petroleum giant LUKoil has begun shipping its refined products

The Russian privately owned petroleum giant LUKoil has begun shipping its refined products on large-capacity tankers across the Baltic Sea to reduce the costs of delivery to consumers in Western Europe, The company said.

The first batch, including 80,000 metric tons of vacuum gas-oil produced at LUKoil refineries in central Russia, was dispatched Tuesday from a terminal on Vysotsky Island in the Gulf of Finland.

The terminal's first phase was launched in June 2004 and the second in April 2005. After the launch of the third phase, the facility will begin operating at a capacity of 12 million tons per year.