Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Money Woes Again Delay Nation's Crude Oil Exports




LONDON -- Russian oil exports are once more delayed because exporters cannot get hold of the money to prepay transitfees, shipping sources said Wednesday.


"There are some delays because of payment problems," a shipping broker said.


The source said the renewed delays had so far hit loadings at the outlets for Russian oil at Odessa in the Ukraine and the Latvian port of Ventspils. The source said the tanker Enalios Triton, which was loading Russian Urals crude, was still waiting to berth at Odessa because of payment problems.


Shipping brokers said the SKS Tugela that was held up earlier has just berthed. The vessel was also loading Russian Urals.


"If lifters have paid in advance, their payments are being honored but if you have not prepaid, that is when the problems start," the source said.


Loadings at Russia's Black Sea ports of Tuapse and Novorossiisk ports were normal, the source said.


Chaos in Russia's banks has been preventing lifters from securing the money to pay customs dues since last August, but the problems had seemed to be easing.


On oil products exports, European traders said they have not yet seen any delays and loadings appeared to be normal.


"We have just loaded a straight-run fuel oil cargo, and I have not seen special delays," one trader said.


Disruptions on Russian crude loadings began early this month but had resumed Monday.