On 26 December 2018, President of Transneft Nikolay Tokarev took part in the traditional Pre-New Year meeting of Russian President Vladimir Putin with representatives of business circles and corporations. On the sidelines, Mr Tokarev answered some questions from journalists.
Mr Tokarev informed that Transneft would continue discussions with Novolipetsk Steel and NOVATEK about the transfer of tariff regulation powers from Federal Antimonopoly Service (FAS) to the Ministry of Economic Development.
“I’ve already discussed this matter with Mr Lisin and Mr Mikhelson. Our stance remains unchanged and the government has promised to get back to this issue, maybe not today or tomorrow, but in the near future, because we’ll keep promoting this initiative anyway,” he said.
According to President of Transneft, the tariff regulation bill prepared by the FAS was severely criticised and is being radically revised now. “What does this say about the FAS? Yet again the FAS didn’t do anything useful. What they cranked out proved to be a shoddy piece which cannot suit anybody. This is the only document that saw light after the Federal Tariff Service functions had been transferred to the FAS, and it turned out a total failure. Such is the result of the work done by the FAS,” he noted.
In Mr Tokarev’s opinion, nobody can be content with this department’s tariff efforts. “Because there is no regulatory framework that would allow reliable calculations or open and transparent methodologies to suit all consumers,” President of Transneft highlighted.
Situation with Komsomolsk Refinery
The dispute with Rosneft has not been settled, so the issue remains open, Mr Tokarev informed, answering the questions of journalists.
Transneft built an oil pipeline from the ESPO to Komsomolsk Refinery in Komsomolsk-on-Amur; yet the transportation of crude over this artery never commenced.
“As Rosneft has not kept its commitments; some issues have not been addressed. Several days ago, they invited a commission which visited the site and emphasised that while some of the issues were settled, others were neglected, so the question is still open and so is the tariff dilemma, since the approach used by Rosneft is unacceptable to us,” Tokarev said.
Buyback of Shares
Transneft is going to discuss the buyback programme at the meeting of its Board of Directors in Q1 2019.
“Yesterday we tentatively discussed this matter among the directors and in the first quarter of 2019 it will be entered into the agenda of the Board of Directors’ meeting. Everybody supported it and recognised as appropriate, fair and relevant for the Company,” said Mr Tokarev.