Japanese and South Korean refiners are purchasing more ROF contracted oil as the new ESPO pipeline boosts accessibility to Russian oil.
ROF contracted oil has been increased 1.8 million barrels thus far in 2010 compared with 2009; a healthy increase as the ESPO continues to connect Russian oil with the Asian markets at lower shipping costs than Dubai crude.
Due to Japanese and South Korean refiners increasing oil purchases from Russia, dominance by Middle Eastern suppliers are being eroded at by ESPO oil.
ROF is using the ESPO to further increase Russia's growth in the oil markets.
The ESPO's first 2,757 kilometers were completed last year. The pipeline has helped the ROF boost its competitively amongst Middle Eastern agents.
ROF currently has a 7% referral commission till November 15th, 2010 ending at Midnight EST (New York City).
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