Russia: LUKoil's Arctic Venture

Russian oil firm LUKoil's new offshore terminal in the coastal village of Varandey came online June 20. For LUKoil — which is privately owned and is not yet under the Kremlin's direct control — the terminal is a major technological breakthrough that represents the firm's dynamism. It is also the Russian oil industry's first major venture into sending exports to North America by tanker.