LUKoil, Russia's second biggest oil producer, has extracted its first tanker-load of oil from the Yury Korchagin field in the nothern part of the Caspian Sea, the company said on Tuesday.
The Caspian Stream tanker, with deadweight of about 8,000 tons, will supply oil to the Russian port town of Makhachkala. The oil will then be delivered to the port of Novorossiysk via Transneft's pipeline network, the oil giant said in a statement, adding that it planned to load one tanker every 10 days.
The Russian governmental commission for customs and tariff policy approved on September 23 a proposal to introduce lower export duties on the oil supplied from the fields of the Caspian Sea from the beginning of 2011.
