Novorossiysk Loses Cargo Amid Oil to Asia: Freight Markets
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Russian Prime Minister Vladimir Putin’s quest to sell oil to China, the world’s hungriest market, may lock in a $797 million decline in value at the country’s biggest port.
OAO Novorossiysk Commercial Sea Port on the Black Sea, Russia’s biggest outlet to the Mediterranean, is likely to lose crude volumes to a new pipeline to Russia’s Pacific coast and to China. The project creates “notable competition” to European deliveries, Putin, 58, said in August at the ceremonial opening of the China spur in eastern Siberia.