A long-time buyer of ESPO
crude from Russia's Far East, JX has changed contract terms with Russia's top oil firm Rosneft and trading firm Tenergy, enabling it to take less oil or buy alternative blends, two sources with direct knowledge of the matter said.
Blend has been projected as part of Putin's ambition for Russia to be a major player on the Asian/Pacific market.
9b, however the growth, excluding the ESPO
contract, reached 56% y-o-y.
To assist this growth, Platts is increasing its ESPO
price discovery processes to help bring more transparency to this key burgeoning market.
will now be looking more closely at the Commission's interpretation of treaty rules on port concessions.
Last fall ESPO
received an ESP Technology Grant from NEA (see box) to buy a computer for designing and publishing Safety Sam materials and tracking student participation.
The weakening sentiment for the ESPO
grade was reflected in its premium narrowing to $2.
Winning the ESPO
contracts would provide a considerable boost to the company's revenues; however we stress that even without ESPO
, HMS should see excellent revenue growth from its other segments (we forecast a 2010-15E CAGR of 13.
Russia inaugurated the ESPO
pipeline in December 2009, giving the world's largest energy exporter a geographical and advantage over Asia's key Middle Eastern suppliers on deliveries to China, Japan and South Korea.
A glut in North American crude markets has made it unprofitable to send ESPO
crude to the US West Coast, leaving more supply in Asia.
A Western trader was in late 2009 quoted as saying: "Nobody knows the final quality [of ESPO
Rosneft's premiums were the highest since the first ESPO
cargo was sold in late 2009 at a 50-cent premium to Dubai quotes, compared with prices at parity with Dubai for late-July cargoes and discounts of close to $1.