ENERGY - Caspian oil producers eye entering markets

ENERGY - Caspian oil producers eye entering markets:

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An aerial view shows artificial islands on the Kashagan
offshore oil field in the Caspian Sea, off Kazakhstan.
REUTERS photo

Caspian oil and natural gas producers have struggled to move their products to world markets, the United States Energy Information Administration (EIA) has said in a recent study about Caspian Sea Region.

“Some countries cooperate and jointly develop export capacity, while others focus on attracting enough investment to create their own routes,” it said.

The Caspian’s coastal countries, along with Uzbekistan, together have an operating crude oil refining capacity of just over 8 million barrels per day, according to Oil and Gas Journal. Russia and Iran together make up about 85 percent of this capacity. As of January 2013, the total crude oil refining capacity of the coastal countries was about 9 percent of the world’s total crude refining."

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