RUSSIA - LUKoil Wants Biggest US E. Coast Refinery Against 20% Stake To ConocoPhillips.ConocoPhillips is seeking to buy up to 20% of LUKoil to add billions of barrels of oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally to its books. The US major has so far raised its stake in LUKoil to 12.5%. Since 2003, LUKoil has been keen on buying ConocoPhillips' 250,000 b/d Bayway refinery Bayway Refinery is a refining facility located in Linden, New Jersey and Elizabeth, New Jersey, owned by ConocoPhillips. This is the northernmost refinery on the East Coast of the United States. in New Jersey, the largest on the US East Coast, and for this it will be willing to sell the extra shares to the US major by end- end- pref. Variant of endo-. 2006. The Bayway refinery fits in with LUKoil's strategy to expand in the US north-west, the world's biggest market for fuels, where the Russian major owns the Getty chain of gasoline gasoline or petrol, light, volatile mixture of hydrocarbons for use in the internal-combustion engine and as an organic solvent, obtained primarily by fractional distillation and "cracking" of petroleum, but also obtained from natural gas, by stations. LUKoil is keen on this market for both the Getty chain which has proved to be most profitable and its plans to become the main Russian exporter of crude oil to the US. |
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