The head of the Russian company Transneft, Nikolai Tokarev, said that “Russian oil export operations to Asia are growing,” stressing that “the East Siberia-Pacific Ocean pipeline is operating at maximum capacity.”
In an address to the company’s employees on the occasion of the Day of Oil and Gas Industry Workers, Tokarev noted that “in accordance with the wishes of our customers, we have reconstructed supply chains, supply volumes have increased mainly in Asia, and the East Siberia-Pacific Ocean oil pipeline is currently operating at maximum capacity” .
He added that Transneft is successfully coping with the tasks associated with international sanctions and continues to work effectively, and, despite the sanctions, oil and oil products are being exported as usual.
Notably, last month prices for the main range of Russian exports to Asia in spot transactions rose from their lowest level ever, in light of strong demand from India and China.
Russian exports to Europe fell by 554,000 bpd between March and June to 1.49 million bpd.
On the other hand, Asian imports of Russian oil rose from 1.14 million bpd in the first two months of this year to an average of 1.517 million bpd between March and June last year.
Russian oil imports to China jumped 55 percent last June to 8.42 million tons (1.98 million barrels per day), becoming Russia’s first supplier to Beijing, according to China Customs Administration data.
Source: El Iktisad
