Russia's top oil producer, LUKoil, has said that it is building an oil products terminal nearby to St. Petersburg in order to ship as much as ten million tons a year of diesel and fuel oil to the US market, the world's biggest energy consumer. LUKoil is preparing the site near Vysotsk on the Gulf of Finland, the Vice President Leonid Fedun of the group told reporters at an investment conference. It is in talks with the US Overseas Private Investment Corporation to fund construction. A unit of Fluor Corp, the world's largest publicly traded engineering and construction company, is among bidders for the contract to build the units, he said. Russian oil companies boosted oil product exports after the country yielded to OPEC requests and limited crude exports during the first two quarters of the year. While LUKoil and rivals including the Yukos Oil Company ship most of their crude through government run pipelines, companies can ship oil products to seaports by rail. “All the talk about Russia helping the US in energy supplies will remain just talk until it is supported by an improved infrastructure,” Fedun said. “The terminal will be completed in two years.”
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