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Lukoil is begging to reduce oil transportation rates

Vagit Alekperov, Lukoil Chief Executive, said to the press that Lukoil plans to ask the government to cut Transneft pipelines system transportation rates

This request is connected with recent oil prices lowering. Thus Lukoil will secure the amount of its oil production. Lukoil's Chief told the reporters that the company was planning to curtail transportation expences by 20 % in 2009.

But this dreams are not coming true. Russian Oil and Gas Industries Regulation Chief Denis Volkov said that it's almost impossible. To make matters worse, Volkov predicted transportation rates rise. He said that because Transneft is responsible for great international projects, like Burgas -Alexandropolis pipeline, increasing transportation rates are inevitable.

Author: Ksenia Kochneva