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Transneft Sees Modest Rise in Volumes

Copyright © 2021 Energy Intelligence Group

Russia's Transneft is expecting a modest increase in the volume of crude oil carried by its pipeline network next year. The company said on Wednesday it has penciled in crude oil shipments of 455 million tons (9.125 million b/d) for 2022, compared with a projection of 445 million tons (8.924 million b/d) for this year. Actual volumes carried next year will depend on oil companies' production and export plans, which are still heavily dependent on decisions made by the Opec-plus alliance of producing nations, which includes Russia. In 2020 the Transneft system carried 8.8 million b/d of crude oil, which was down 9% from 2019 as a result of Opec-plus restrictions on output. The alliance is currently reversing its production cuts at a monthly pace of 400,000 b/d (related). Transneft said its investment plans have been complicated by two factors: a sharp rise in prices for metals and chemicals and bankruptcies among contractors as a result of the economic woes triggered by the Covid-19 pandemic. The company has penciled in a maximum sum of 232 billion rubles for 2021, rising to 240 billion rubles in 2022 and 250 billion rubles ($3.4 billion) in 2023. Most of that money will be used to upgrade and maintain the company's 70,000 km of crude oil and products pipelines.

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