Apr 20, 2020
The Russian government will extend Transneft boss Nikolai Tokarev's contract for five years despite the contaminated oil crisis at the pipeline monopoly a year ago.
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The Russian government will extend Transneft boss Nikolai Tokarev's contract for five years despite the contaminated oil crisis at the pipeline monopoly a year ago.
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Transneft operator of Russia’s largest oil pipeline network Nic Newman looks at some of the issues facing Transneft, operator of Russia’s largest oil pipeline network, which carries over 85% of the oil produced in Russia. See PR+June+2018+p34-36
Despite the sanctions Transneft keeps on growing Transneft is the world’s leading operator of around 70,000 kilometres of oil pipeline in a network linking oil fields and refineries across the European continent, as well as to markets in Central Asia and China.
Has Europe already gone too far in sanctions against Russia? Moscow cuts oil shipments to continent in favor of China
China has significantly boosted oil imports from Russia, while the latter has been selling less crude to Europe. An analyst told RT that Beijing has become a more preferable partner in the oil trade for Moscow.
RT’s source in Russia’s largest oil exporter Transneft has said that since January 1, the country is pumping more oil to China, while exports to Europe have plunged. Earlier, Bloomberg reported that Russia will have shipped 19 percent less oil through its ports on the Baltic and Black Seas in the first five months of 2018, and sold 43 percent more oil to China through March.
Russia is the largest seller of oil to both Europe and China. An analyst interviewed by RT has said that shipping more crude to Asia can be regarded as a defensive mechanism in the time of Western sanctions. “Given the current geopolitical conditions, the shift towards China from Europe is a protective measure. This shift in oil trade allows the Russian Federation to some extent to secure the oil industry from the sanctions of the West,” said Anton Pokatovich, chief analyst of Binbank. – Russia Today
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