MURMANSK SHIPPING QUITS VARANDEY
Russia"s Murmansk Shipping Company is to end all shipping operations at the Varandey oil terminal on the Barents Sea coast.
The terminal was opened in co-operation with Lukoil in 2000 and had an annual capacity of one million tonnes of oil. It will now be dismantled.
A Lukoil subsidiary is due to open a new 12m tonne deep sea terminal in the area. Shipping from the northern Russian oil fields will now be conducted by Sovkomflot. Some of Varandey"s capacity will be taken up by Rosneft"s floating terminal in the Kola Bay.