Sakhalin Oil May Help Asian Refiners Cut African, Saudi Imports

Russia’s Sakhalin crude oil will provide Asian refiners with an alternative to supplies of low- sulfur oil from Africa, Saudi Arabia and Abu Dhabi, said an official from one of the project’s shareholders.

Sakhalin-1, led by Exxon Mobil Corp., is the first of at least five ventures on the island in Far East Russia that may lure $50 billion of spending to tap some 14 billion barrels of oil and 96 trillion cubic feet of gas to supply Northeast Asia. Exxon, BP Plc and Royal Dutch Shell Plc, the three biggest publicly traded oil companies, each lead one project.

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