Gazprom Neft boosts oil sales 38% in Q1, oil products sales fall 7.7%
MOSCOW. May 24 (Interfax) - Gazprom Neft boosted oil sales 37.9% year-on-year to 7.2 million tonnes in Q1 2017 while oil products sales fell 7.7% to 9.95 million tonnes, the company said in a report.
The 77.6% increase in oil sales for export was triggered by production ramping up at the Novoportovskoye, Prirazlomnoye and Messoyakha fields and a reduction in oil supply to refineries. Sales to international markets doubled to 0.29 million tonnes due to increased production in Iraq. The 22.4% fall in oil sales to CIS countries was due to reduced exports to Belarus. Oil sales dropped 5.1% on the domestic market mainly as a result of the reduction in the cost effectiveness of trading operations on the Russian market.
Gazprom Neft lowered oil purchases 13.3% year-on-year to 2.08 million tonnes in Q1 2017. Oil purchases in Russia fell 19.9% to 1.77 million tonnes due to the reduction in the cost effectiveness of trading operations on the Russian market as well as a reduction in its own refining. Purchases of oil products remained at the same level as last year, at 0.15 million tonnes.