Latest news with #Transneft
Yahoo
a day 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
2 days 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.
Reuters
05-06-2025
- Business
- Reuters
English court bars jailed Russian tycoon from appealing in Transneft case
MOSCOW, June 5 (Reuters) - The English Court of Appeal has refused jailed Russian tycoon Ziyavudin Magomedov permission to appeal against a decision that threw out his $14 billion lawsuit against Russian oil pipeline monopoly Transneft and other firms, the company said. Magomedov sued the company and several others at London's High Court, alleging his 2018 arrest on embezzlement charges prompted a Russian state-supported scheme to strip him of his holdings in valuable port operators. In January, Transneft, as well as U.S. private equity firm TPG (TPG.O), opens new tab and other companies, won their bid to block Magomedov's London lawsuit. Transneft said late on Wednesday that the English Court of Appeal denied Magomedov permission to appeal the ruling. "It is clear from the English process that there are massive losses which Mr Magomedov has suffered as a result of wrongdoing against him. He will continue to seek justice and a fair outcome wherever he can," a spokesperson for Magomedov said. Magomedov once controlled an empire ranging from port logistics to oil and gas through his Summa Group conglomerate, which he founded with his brother Magomed. But the brothers were arrested on embezzlement and organised crime charges in one of the most high-profile prosecutions of its kind in years. Magomedov was sentenced to 19 years in jail in 2022. He says the charges against him are unfounded and unsuccessfully appealed against his conviction.
CTV News
20-05-2025
- Business
- CTV News
EU, Britain go ahead with new Russia sanctions without waiting for Washington
FILE - An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, on Oct. 11, 2022, one of the largest facilities for oil and petroleum products in southern Russia. (AP Photo, File)
Russia Today
15-05-2025
- Business
- Russia Today
US lifts sanctions on Russia-linked international oil project
The US government has allowed American and international companies to resume oil-related work involving a major Russia-linked project to deliver Caspian oil to the global market. The license, lifting restrictions on the Caspian Pipeline Consortium (CPC) and the Kazakh company Tengizchevroil (TCO), was issued by the Treasury Department on Thursday. The CPC includes major US oil companies such as Chevron and ExxonMobil among its stakeholders and primarily facilitates the export of Kazakh oil through Russian territory and its shipment internationally. The new General License No. 124 permits all transactions that were blocked under a January 10 decision which prohibited certain petroleum services involving Russia-related energy infrastructure. CPC operates a major pipeline that transports oil from western Kazakhstan to the Black Sea coast of Russia, from where it is shipped globally by tanker. The 1,511-kilometer pipeline is one of the most important export routes for Kazakh oil, handling over 80% of the country's crude exports. The pipeline is jointly owned by multiple companies and governments. Russia holds a 24% stake through the state-owned operator Transneft. Other major shareholders include Chevron, ExxonMobil, Russia's Lukoil and Kazakhstan's national oil company KazMunayGas. Several smaller international firms also own shares. Tengizchevroil is a joint venture that runs the massive Tengiz oil field in Kazakhstan. It was formed in 1993 and is owned by Chevron (50%), ExxonMobil (25%), KazMunayGas (20%), and Lukoil (5%). The earlier sanctions were imposed under Executive Order 14071, which targets services related to Russian energy projects. However, US authorities have made exceptions for projects that are considered critical to global energy markets or involve non-Russian stakeholders. General License No. 121, issued in January, had already temporarily allowed some services for CPC and TCO. That license remains valid until June 28, 2025, but the new license appears to clarify and reaffirm that companies may continue their involvement in these projects without penalty until then. According to the Treasury, the license covers activities like drilling, refining, transportation, and marketing of oil – provided they are connected to CPC or Tengizchevroil. Earlier this year, CPC was forced to temporarily halt operations following two attacks by Ukrainian drones that damaged oil transfer stations linked to the pipeline network on Russian territory. The attacks came after Russian President Vladimir Putin and US President Donald Trump approved a partial ceasefire, under which both Moscow and Kiev committed to refraining from strikes on energy infrastructure.
