ENERGY BRIEFS

ENERGY BRIEFS

RUSSIA PREPARES TO OFFER

FUEL, ENERGY STOCK

LONDON - Shares will be issued this month or next in the Russian fuel and energy industry, Itar-Tass news agency reported Tuesday, according to a report monitored here by the British Broadcasting Corp.

It quoted Yury Shafrannik, fuel and energy minister, as saying at a news conference in Moscow that "a mighty outflow" of shares onto the stock market could be expected.

He said the industry is stable despite being owed 11 trillion rubles by customers, but warned that fuel prices would continue to rise.

OFFSHORE IS APPEALING

AS NORTH SEA RATES RISE

LONDON - Rising freight rates in recent weeks have made offshore loading of some North Sea crude oil grades more competitive than crude loaded at on-shore terminals, North Sea traders said.

Cargoes loading offshore from the Statfjord, Gullfaks, Beryl and Fulmar fields are subject to long-term fixed freight rates, usually set at the beginning of each year.

Crude loaded from onshore terminals, such as Brent from Sullom Voe, is priced according to the spot freight market at any given time.

Therefore, when the freight market for spot delivery is strong, offshore loadings become more competitive relative to onshore terminal loadings.