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UPDATE 1-Litasco's traded oil volumes slip in 2011
April 20, 2012 / 4:10 PM / 5 years ago

UPDATE 1-Litasco's traded oil volumes slip in 2011

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* Traded 118 mln tonnes of oil last year

* Half of traded volumes from LUKOIL fields (Adds detail throughout)

By Emma Farge

GENEVA, April 20 (Reuters) - The Geneva-based trading arm of Russia's LUKOIL, traded slightly less oil in 2011 than the previous year, a company document showed, as higher export tariffs diverted more flows to the domestic market.

Russian crude export duties are linked to the price of Russia's key Urals crude blend URL-E which rose to a historical high of $110 a barrel last year, according to Reuters calculations.

Litasco traded 118 million tonnes of oil in 2011, down from a record high of 125 million tonnes the previous year, the document showed.

The volumes for 2011 included 50 million tonnes of crude oil and 68 million tonnes of refined products.

Like other major Swiss-based traders such as Vitol and Mercuria, Litasco sources crude oil from third parties on the international spot market. A large portion of its traded volumes are also sourced from LUKOIL's Russian oil production.

A source at Litasco said that the volumes or proprietary oil and third party oil were roughly equal in 2011.

Russia's No. 2 oil producer Lukoil has been expanding its refinery capacity outside of its core market and said it now owns 80 percent of the ISAB plant in Sicily.

This month it opened 13 new storage tanks in Barcelona with a Spanish partner and said it signed a deal to acquire gas stations in Belgium and the Netherlands. (Reporting by Emma Farge; Additional reporting by Vladimir Soldatikin in Moscow; Editing by Hans-Juergen Peters)

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