What is crude oil ESPO?
The Eastern Siberia–Pacific Ocean oil pipeline (ESPO pipeline or ESPOOP, Russian: Нефтепровод “Восточная Сибирь – Тихий океан” (ВСТО)) is a pipeline system for exporting Russian crude oil to the Asia-Pacific markets (Japan, China and Korea). The pipeline is built and operated by Russian pipeline company Transneft.
Where does ESPO crude load?
— Russia started exports of ESPO crude in December last year, by shipping the oil hundreds of miles by rail from Skovorodino to the Pacific port of Kozmino, near Vladivostok, where it is loaded onto tankers for shipment across the Pacific basin.
What is light crude used for?
Light crude has an API gravity greater than 31. West Texas Intermediate (WTI) crude oil, which has an API of about 40, is the North American benchmark for pricing light sweet crude. Light crudes are primarily refined into gasoline, diesel and aviation fuels.
How long is the ESPO pipeline?
4,188km-
“The ESPO oil pipeline is a 4,188km-long system.”
Which countries are involved in Espo?
The 4,188km-long ESPO (Eastern Siberia Pacific Ocean) oil pipeline exports crude oil from Russia to the Asian Pacific markets of Japan, China and Korea. The pipeline was built by the Russian company Transneft in two phases. It stretches from Taishet to Kozmino, via Kazachinskoe, Skovorodino and Perevoznaya.
What country claimed the world largest oil pipeline?
With a diameter of 142cm, Yamal-Europe is considered the world’s widest pipeline, able to carry 33 billion cubic metres of natural gas through 14 compressor stations. The majority of the pipeline, which runs through Russia, is owned by national energy giant Gazprom.
What is light crude?
Light crude oil is liquid petroleum that has a low density and flows freely at room temperature. It has a low viscosity, low specific gravity and high API gravity due to the presence of a high proportion of light hydrocarbon fractions.
How is the price of ESPO Oil determined?
The Argus ESPO Blend price assessment is calculated using a market-appropriate methodology that includes cross-checking market information with producers, consumers and traders.
Where does Russian ESPO crude go to China?
Spurred by the strong teapot demand, Russia overtook Saudi Arabia as the biggest crude exporter to China for four months in late 2015 and again in March. Nearly half of the Russian ESPO exports landed at the port of Shandong, where most of the teapots are located, each month between February and April, data from Reuters Trade Flows showed.
Where does the Argus ESPO blend price assessment take place?
The Argus ESPO Blend price assessment is the most transparent price for crude traded in Asia-Pacific, pricing 600,000 b/d of light crude shipped through the East Siberia-Pacific Ocean (ESPO) Pipeline and sold to the east Asian and US west coast markets.
Which is lighter, Oman oil or ESPO Oil?
ESPO has an API gravity of 35.57 degrees, much lighter than Oman oil, a favourite among teapots. Refiners would typically draw about 20 percent of naphtha from a barrel of ESPO after processing versus about 15 percent from an Oman barrel. The naphtha cannot be processed further at teapots’ facilities, four sources said.