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Russian Oil Companies to Cut Exports in First Quarter of 2005

January 12, 2005 | MosNews

Russian oil companies are set to cut oil exports by two percent in the first quarter of 2005, after officials assured investors last year that the crackdown on Yukos would not cause an overall decrease of oil from Russia, one of the world’s major oil producers.

Export to foreign countries through the state-owned pipeline monopoly Transneft will decrease by two percent compared to last year’s figures, down to a volume of 41.71 million tons, the Interfax news agency reported, citing a source in the Industry and Energy Ministry.

The biggest cutback will come from embattled oil major Yukos, which will decrease oil exports by as much as 18 percent, down to 7.53 million tons from over 9 million tons last year.

State-owned Rosneft, which in December bought Yukos’ chief production asset, Yuganskneftegaz, in a forced auction, will cut oil export by 12 percent — a difference of nearly 1 million tons per quarter.

Meanwhile, Surgutneftegaz will increase its oil exports by 18 percent, with export volume totaling 15.75 million tons.

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