• 5 minutes Trump vs. MbS
  • 9 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Can the World Survive without Saudi Oil?
  • 1 hour WTI @ $75.75, headed for $64 - 67
  • 17 hours The Dirt on Clean Electric Cars
  • 8 hours These are the world’s most competitive economies: US No. 1
  • 1 min Who's Ready For The Next Contest?
  • 7 hours The end of "King Coal" in the Wales
  • 24 hours Uber IPO Proposals Value Company at $120 Billion
  • 5 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 8 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 7 hours Coal remains a major source of power in Europe.
  • 3 hours EU to Splash Billions on Battery Factories
  • 1 day COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 3 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 15 hours Poland signs 20-year deal on U.S. LNG supplies
James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Trending Discussions

Ukraine Refinery Halts Amid Tensions with Russia

Ukraine Refinery Halts Amid Tensions with Russia

Russia’s Lukoil has reportedly halted all oil supplies to Ukraine’s Kherson refinery in Odessa ostensibly over unpaid debts as political chaos engulfs the country with the refinery’s director and top executives walking out.

Lukoil sold the refinery last year to Ukrainian group VETEK, owned by a multi-millionaire whose fortunes grew under President Viktor Yanukovych until he was ousted from power in February.

Now, Russia’s largest oil company, Rosneft, is said to be considering the acquisition of the troubled refinery, which is hostage to a Russian-state bank for outstanding debts owed by VETEK head Serhiy Kurchenko.

With Yanukovych ousted and on the run, Kurchenko has left the country and according to Russian media reports, transferred the refinery to the Russian bank.

According to Russia’s Kommersant, an agreement with Rosneft over the sale of the 3.6-million-ton-per-year refinery was reached last week.

In the meantime, Ukrainian media reports that as of 25 February, police have blocked all entrance and exit from the Odessa refinery.

Related Article: Russian Lukoil Considers Re-Entry into Iranian Oil

Last week, refinery Director Valery Chakheyev tendered his resignation.

Last month, Ukrainian press reported that a preliminary investigation had been launched by the authorities over suspicions that the plant was processing illicit oil products.

Rosneft controls another refinery, the second largest in Ukraine, at Lisichansk, and the acquisition of the Odessa refinery would have significant political implications.

The crisis intensified with the ouster last month of President Yanukovych, while Ukraine has mobilized its armed forces and is calling for foreign observers to step in after Russian forces took steps to control the Crimea.

Russia is strengthening its presences in Ukraine’s Crimea as a tense standoff between the two countries ensues. On 2 and 3 March, Russian troops confronted Ukrainian troops in the Black Sea are, with Russian fighter jets and warships challenging Ukraine’s sovereignty.

By James Burgess of Oilprice.com


x


Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News