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Transneft summed up the results of 2016

18 January 2017 , 10:08Neftegaz.RU517

In 2017 Transneft expects the volumes of pumped crude will remain at the last year’s level of 483.3 million tonnes, informed Vice President Sergey Andronov. The given indicator corresponds to the level of 2016.

 

«This figure is based on actual requests, but we received them prior to Russia’s decision to join the production contraction plan, so this volume will most likely be further corrected,» he said.

In 2016 Transneft accepted 483.4 million tonnes of crude for pumping (up 0.6% y-o-y), with 245.2 million tonnes delivered to oil refineries (down 2% y-o-y).

 

Of this amount 219 million tonnes were exported to far-abroad markets (up 5.6% y-o-y) and 18 million tonnes – to near-abroad markets (minus 4 million tonnes), told Mr. Andronov.

He also noted that the company received 2.3% more petroleum products in 2016 compared to 2015, actually 33.1 million tonnes in absolute terms.

 

On crude export forecast

Sergey Andronov also said that in 2017 Transneft plans to reduce the volumes of crude export by 2.1% to 232-233 million tonnes against 237.8 million tonnes exported in 2016.

«The export will amount to 232-233 million tonnes, judging by requests from the oil companies. The export to far-abroad markets will remain at the level of 2016,» Sergey Andronov said.

These requests from companies had also arrived prior to Russia’s decision to join the OPEC agreements to cut crude production.

 

«Of this amount 219 million tonnes were exported to far-abroad markets (up 5.6% y-o-y) and 18 million tonnes – to near-abroad markets (minus 4 million tonnes),” said Vice President.

He specified that the reduction of supplies to near-abroad markets was mainly caused by the reduction of export to Belarus.

The volume of crude supplied from Russia to Belarus in Q1 2017 will come to 4 million tonnes.

The given indicator is in line with the existing schedule of supplies for the 1st quarter.

 

On Transneft Development Programme

The long term Transneft Development Programme for 2016-2021 implies financing in the amount of RUB 1.5 trillion, told Vice President Aleksey Sapsay .

«We planned total financing for 2014-2020 at the level of RUB 2.1 trillion, but then we excluded the years 2014 and 2015 from the Programme and added the year 2021, so now the planned timeframe is 2016-2021. The amount is RUB 1.5 trillion. Thus we added one more year and reduced the planned financing by RUB 176 billion,» explained Mr. Sapsay.

 

Vice President pointed out that the changes did not affect the investment programme.

«All planned investment projects will be brought to fruition. But as regards the technical upgrading and overhaul, we added one more year and pushed back part of the volume from 2016-2020 to 2021,» he noted.

 

Cuts notwithstanding, the Company retains the level of financing for the technical upgrading and overhaul programme at the level of about RUB 180 billion a year.

«Our investments in new construction peak in 2016 – about RUB 154 billion. In 2017 we’ll supposedly spend around RUB 143 billion, in 2018 – RUB 80 billion, in 2019 – RUB 46 billion,» added Vice President of Transneft.

 

On dividend payouts

The budget of Transneft allows for the payout of dividends in 2017, amounting to 25% of the net profit by IFRS standards, informed First Vice President Maxim Grishanin.

«Our Board of Directors has already approved this amount of dividends: 25% of the net profit by IFRS standards,» he said.

 

On possible attracting of financing

In 2017 Transneft plans to attract RUB 35 billion within the programme of exchange bonds, informed Mr. Grishanin answering the question of the journalists.

In 2016 the Company raised RUB 94 billion via bonds, of which RUB 77 billion were used to refinance the loan obtained from China.

Mr. Grishanin added that at the end of 2016 the Chinese loan went down to $7 billion from $10 billion initially attracted.

 

On the situation with the suit of Rosneft

Transneft President Nikolay Tokarev commented on his Company sued by Rosneft.

Thus the Company believes the interim measures on the Rosneft suit are unjustified and all wrong, Mr. Tokarev said to the journalists. «The court ruling regarding the interim measures was unjustified,» he said.

 

Transneft forwarded a letter to Chairman of the Supreme Court, requesting him to investigate a possible violation of the regulation by the Commercial Court of Moscow that ruled interim measures on the Rosneft suit, noted Mr. Tokarev.

«Transneft appealed to Chairman of the Supreme Court, requesting him to investigate, why the Court delivered such a judgment contrary to its own regulations,» Transneft President underlined.

 

On the reduction of petroleum products export via Baltic ports

Transneft forecasts further reduction of petroleum products export via the Baltic ports: in 2017 the volume may go down to 2.4 million tonnes against 3.2 million tonnes last year, Vice President Andronov informed, as he answered the journalists’ questions.

«We plan to transport 2.4 million tonnes of diesel over the pipeline to the Baltic region, the rest being transported by rail,» he explained.

 

First Vice President of Transneft Maxim Grishanin told the journalists that during 3 years fuel supplies in the direction of Baltic ports have been shrinking: in 2014 all petroleum products transported amounted to 21.8 million tonnes (16 million tonnes over railways and 5.7 million tonnes over the pipeline); in 2015 – 18.6 million tonnes overall (of which 4.2 million tonnes were transported over the pipeline); in 2016 – 11.4 million tonnes (with 3.2 million tonnes transported over the pipeline).

 

On crude supplies to China

For now China has not officially requested to delay an increase of oil supplies over the Eastern Siberia-Pacific Ocean (ESPO) pipeline system offshoot to as much as 30 million tonnes, Mr. Andronov told the journalists.

«In 2016 we met with our Chinese colleagues several times. They assured us that starting on 1 January 2018 their section will not be ready; this is our basic assumption, although we had not received any official requests regarding the possible postponement from the Chinese side,» said Mr. Andronov.

 

«As for Skovorodino-Mohe, the supplies this year will remain at the level of 2016, which is 16.5 million tonnes. As per the intergovernmental agreement, in 2017 we are going to supply 30 million tonnes to China, of which 16.5 million tonnes will be transported over Skovorodino-Mohe, 10 million tonnes – via Kazakhstan and 3.5 million tonnes will most likely be transported via Port Kozmino,» he added.

First Vice President of Transneft Maxim Grishanin told the journalists that crude supplies to China via Kazakhstan will grow 1.4 times in 2017 to 10 million tonnes.

In 2016 crude transit to China via Kazakhstan will come to 7 million tonnes.

 

On oil transportation by CPC and payouts to shareholders

Vice President of Transneft Mikhail Margelov informed the journalists that in 2016 CPC shipped 44.3 million tonnes of crude via the sea terminal in Novorossiysk, including 40.8 million tonnes of crude from Kazakh consignors, 0.8 million tonnes of Kashagan crude and 3.5 million tonnes from Russian consignors. Thus compared to 2015 the volume shipped by CPC increased by 1.6 million tonnes or by 4%.

 

Mr. Margelov also informed that CPC paid out $258 million in favor of Russia to repay its debt to the shareholders, while in 2015 payouts in favor of Russia amounted to $327 million.

«In other words, the budget of Russia got $585 million during 2 years, not to mention the fact that the business activity of the concern is also taxed, in addition to social deductions,» noted Vice President.

 

On requests for oil transportation over Kuyumba – Taishet and Zapolyarye – Purpe oil pipelines

Requests from oil companies for oil transportation over the new oil trunk pipeline Kuyumba–Taishet in 2017 amount to 950 thousand tonnes, informed Mr. Andronov.

The oil volumes fed to the oil pipeline Zapolyarye–Purpe are planned at the level of 4.5 million tonnes in 2017.

 

First Vice President Maxim Grishanin also pointed out that Transneft would review its approach to the construction of new pipelines in connection with the current load of new eastern oil pipelines and will require legally confirmed volumes.

In particular, Transneft will put off the Yug-3 project until the volumes of petroleum products to be pumped are confirmed.

 

On negotiating the sale of a stake in NCSP

Transneft is in talks with potential buyers of a stake in the Novorossiysk Commercial Sea Port (NCSP), but has not yet arrived at any agreements, informed Mr. Grishanin.

«At present we are negotiating with potential buyers, but there are no agreements signed so far,» he said.

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