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Soviet Oil Surpluses Being Sold In Europe

(Special Correspondent N.Z.P.A.)

LONDON, July 23. Russian oil is pouring into the six-nation European Economic Community, having already captured more than onefifth of the Italian market and about one-tenth of the West German market.

“Common Mjirket experts in Brussels are making efforts to curb this flow,' but the United States moves to get the North Atlantic Treaty Organisation to set a quota for Russian oil imports have failed and chances of a Common Market agreement also are small,” says the British United Press correspondent in Bonn.

“Sixty-five per cent, of the the operation of the Italian State-owned E-N.I. Company is based on Russian oil. Its distributor subsidiary, A.G.IJ*. —an independent company—moved so aggressively that in 1961 about one-quarter, and in 1962 about 22 per cent., of all sil and oil products consumed in Italy were of Russian or Rumanian origin. “Russia sells its crude oil to the Italians at a price enabling them to undersell West German companies by

just under twopence a gal' lon.

“West Germany’s direct imports of Russian crude oil rose sharply in 1961 to more than four million tons, and last year were nearly four million and a half tons.

“The Italians are building a 419-miles 22-inch pipeline from Genoa to Ingolstadt. Bavaria, where they also are building a refinery. “The Russians also are trying to increase their direct sales of oil to Germany but they are unlikely to be successful.

“Russian refineries are operating at capacity, so Most cow tries to sell crude oil in Western Europe to finance purchases .of other goods. “Main refineries in Germany also are operating at capacity and are linked through holding companies to Middle East suppliers," says the correspondent.

Italian ’Quake. — For the second time in three days, an earthquake struck Italy yesterday, touching off widespread panic. Several women were injured by falling masonry. Walls cracked in a number of buildings.— Rome, July 22.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/CHP19630724.2.38

Bibliographic details

Press, Volume CII, Issue 30191, 24 July 1963, Page 7

Word Count
322

Soviet Oil Surpluses Being Sold In Europe Press, Volume CII, Issue 30191, 24 July 1963, Page 7

Soviet Oil Surpluses Being Sold In Europe Press, Volume CII, Issue 30191, 24 July 1963, Page 7