NEW YORK May 1 Russian oil company Lukoil
is setting up a crude oil trading desk in Houston,
according to energy trade publication SparkSpread and confirmed
by an industry source.
The venture was formed through Litasco, Lukoil's
international trading arm, and will be known as Lukoil Pan
The company has hired Ashutosh Redkar, a crude oil trader at
Anadarko Petroleum Co. in The Woodlands, Texas, to set up the
desk, the SparkSpread report said.
A Lukoil representative in New York did not immediately
return a request for comment.
Global oil markets have turned their attention in the last
two years to the United States, which has seen a resurgence in
oil production from shale formations in North Dakota and Texas.
The addition of railway capacity has allowed for crude oil
to make its way out of these shale plays and into East and West