Transneft may lose out on over 30 bln rubles in revenue in 2014 if tariffs frozen
MOSCOW. Sept 30 (Interfax) - Russian oil pipeline company OJSC Transneft might miss out on more than 30 billion rubles in sales revenues next year if the tariffs charged by natural monopolies are frozen, its first vice president, Maxim Grishanin, told the press.
"We will not receive sales revenues of a little more than thirty billion rubles," Grishanin said.
This is happening against a backdrop of falling turnover, he said. "If [pipeline] turnover falls, then the effect could be significantly greater," he said.
Revenue in 2012 totaled 732.4 billion rubles under international financial reporting standards (IFRS).
Grishanin noted the great expense and long break-even periods of infrastructure projects. "In order to reckon the feasibility study, there must be an understanding about the basic revenue scenario: for us that's tariffs. Uncertainty over tariff, tax and dividend policy renders it impossible to make a stable forecast," he said.
"Examining the dividend policy without tariff policy is impossible. If the tariff cannot be forecast, forecasting dividends is very difficult," he said.
Deputy Prime Minister Arkady Dvorkovich said previously that the government has made the principle decision to freeze Transneft's tariffs in 2014.
In mid-September, the Economic Development Ministry's proposal for zero indexation of the tariffs on natural monopoly services in 2014 was approved at a budget policy meeting chaired by the president.
