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. Last Updated: 07/27/2016

Oil Firms Coordinate On Exports

LONDON -- Several big Russian oil producers have begun to coordinate exports to thwart constant technical and logistical delays, traders at the companies said.

It is not yet clear whether the new system will result in higher volumes from ports such as Ventspils in Latvia and Odessa in Ukraine.

A directive signed July 6 by Fuel and Energy Minister Yury Shafranik handed over responsibility for ensuring crude is exported smoothly to seven producers. They will liaise with Russian pipeline operator Transneft.

The need for improvement was underlined last week when a pipeline feeding Ventspils on the Baltic stopped for several days.