Russian Urals Oil Blend to Get as Expensive as Brent by 2012

Russian Economy Minister German Gref said on Wednesday, July 26, that the Russian government will seek to realize measures that will help to avoid discount on Russian Urals oil blend. He said that the price of Urals and Brent oil blends is to be equal by 2012-2013. Today the price of Urals crude is generally $5-6 per barrel less than that of Brent.

Gref said that the government commission has approved the project for construction of an oil refinery complex in the city of Nizhnekamsk that was developed by Tatneft Oil Company. The cost of the project is 130 billion rubles and the state Investment fund will finance 16.5 billion rubles of the total price tag. The rest of financing will come from the oil company itself.
MosNews