17 Jun 2022 14:35

Russia currently ships half of oil exports eastward - Dyukov

ST. PETERSBURG . June 17 (Interfax) - Russia today is already exporting 50% of its oil eastward, whereas 75% was shipped to Europe at the beginning of the year, Gazprom Neft CEO Alexander Dyukov said during the "Global Energy Balance Challenges 2022" session as part of the St. Petersburg International Economic Forum (SPIEF) 2022.

"When talking about the embargo that will most likely happen, then the issue arises regarding redirecting our flows to Asia; and there is the question of export infrastructure, such as pipelines, storage tanks, ports, tankers, and financial calculations. The process is already underway, with over 50% of the oil already being exported to Asia, whereas 75% was shipped to Europe at the beginning of the year," Dyukov said during the session.

"The global economy and consumers will have to pay for the political decision, but not Russia's economy or consumers. Perhaps, some kind of burden could fall on us," Dyukov added.

The CEO believes that the reconfiguration of the refineries in Europe from Russian oil to other crude could reduce efficiency, and "could raise the question of providing [Europe] with petroleum products."

"I have given the example of Polish refineries that required seven to eight years in order to enable the refineries to process other oil," Dyukov specified.