Unocal Pulls Out Of Central Asia As Low Prices Halt The Caspian Oil Rush.
Unocal also cancelled a project to build a crude oil pipeline which was to run along the same route to Pakistan's Arabian Sea port of Gwadar, where it was planning to build a tanker-loading terminal. Both the gas and oil pipelines and the terminal were to cost about $8 bn. Last month Unocal withdrew from another consortium which had proposed to build a $2.9 bn gas pipeline from Turkmenistan to Turkey (see Gas Market Trends). Because of falling oil prices, the US company intends to cut capital spending in 1999 by $650m and is reassessing activities everywhere.
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|Publication:||APS Review Oil Market Trends|
|Date:||Dec 14, 1998|
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