Latest news with #MaximGrishanin
Yahoo
5 hours ago
- Business
- Yahoo
Russian Oil Flows Keep Falling, Pipeline Giant Transneft Says
Oil flows on the Transneft pipeline network, which handles 80% of all the oil Russia produces, fell last year and continue to slide in 2025, too, due to the OPEC+ agreement to withhold supply and technological issues at Russia's oil-producing sites, the pipeline giant said on Friday. Due to the falling oil flows, Transneft doesn't expect its revenue to grow at the same pace as in the past decade until about 2030, the company's first deputy CEO Maxim Grishanin was quoted as saying by Russian news agency Interfax. Tariffs on shipments of crude oil and oil products via the extensive pipeline network is the key source of revenue for Transneft. The oil volumes flowing through the Transneft network have been falling since 2022 and have continued to decline this year, too, Grishanin said. Last year, the volume of crude oil pumped through Transneft's pipelines fell by 2.8% compared to 2023, chief executive Nikolai Tokarev said today. Meanwhile, the combined net profits of Russia's oil and gas companies nearly halved in the first quarter of 2025 from a year earlier, while petroleum revenues for the budget fell with the decline in oil prices in April and May. The drop in oil prices, the tightening of Western sanctions, and the stronger Russian ruble have combined to weigh on company profitability. Every third ruble going into Russia's budget comes from the oil and gas companies. Russia said at the end of April it expects 24% lower revenues from oil and gas this year compared to earlier estimates, following the oil price crash that began in early April and sank the price of its flagship Urals crude close to the $50 per barrel mark. In addition, Russia's National Wealth Fund, a rainy-day reserves fund, saw its liquid assets drop by the equivalent of nearly $6 billion in May, data from the Russian finance ministry showed earlier this month. By Charles Kennedy for More Top Reads From this article on Sign in to access your portfolio
Reuters
a day ago
- Business
- Reuters
Transneft says oil flows continue to slide in 2025
MOSCOW, June 27 (Reuters) - Russia's oil pipeline monopoly Transneft's (TRNF_p.MM), opens new tab oil flows have continued to decline this year amid the OPEC+ deal and technological challenges, the company's First Deputy CEO Maxim Grishanin said on Friday. In a statement on the company's website, he also said that, due to the turnover decline, revenues will not return to the levels typical of the past 10 years until around 2030. Transneft, which operates 67,000-kilometre-long (42,000-mile) oil pipeline network, handles more than 80% of all the oil produced in Russia. CEO Nikolai Tokarev said Transneft shipped 447 million metric tons (around 8.94 million barrels per day) of oil in 2024, including 435 million tons of Russian oil and 12 million tons of oil from Kazakhstan. The total flows were down from 460 million tons in 2023. Transneft's main source of revenue is tariffs on oil and oil products shipments via its vast pipeline network.
