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19 Feb, 2008 03:33

Lukoil halts supplies to Germany in new pricing row

Lukoil halts supplies to Germany in new pricing row

Russia's largest independent oil producer Lukoil has halted oil supplies to Germany in a renewed pricing row with Sunimex, the monopoly importer of Russian crude. According to a trading source, this month the company was due to deliver more than 500,000 t

Last year Lukoil reduced supplies to Germany in a bid to win better terms from Sunimex, an intermediary which buys crude from Russian companies and sells it to German refineries of BP. At that time Sunimex clinched a deal to resume shipments from September.

A fifth of German crude supplies arrive from Russia through the Druzhba pipeline.

According to an export schedule by pipeline monopoly Transneft, in the first quarter of 2008 Germany needs nearly 6 million tonnes of oil from Russia, including 1.75 million from Lukoil.