8 Jun 2023 15:07

Russian deputy PM: Export capacity of oil pipelines to rise by 32 mln tonnes/year by 2026

MOSCOW. June 8 (Interfax) - Russia plans to ramp up capacity of the export infrastructure for Russian oil by 2026, and it plans to boost capacity of the main oil pipelines by 32 million tonnes, as well as build 600 kilometers of pipelines, Russian Deputy Prime Minister Alexander Novak was quoted as saying in an article in the "Energy Policy" magazine.

Novak recalled that a plan was approved in December last year for developing infrastructure in order to export Russian oil by 2026. Transneft last year also boosted capacity of oil transshipment to 42 million tonnes at the port of Kozmino in order to ramp up oil supplies to countries in the Asia-Pacific region (APR).

Novak also said that Rosneft has confirmed the pumping of 30 million tonnes of oil through the Skovorodino-Mohe oil pipeline in 2023.

The parties plan to create a Russia-China working group in order to develop the Northern Sea Route (NSR), Novak said.

Novak also said that Russia has been looking closely into possibly creating a new system of groups for mutual insurance and reinsurance of risks to third parties, P&I insurance, with "friendly" countries in order to provide unhindered access to the markets of Russian crude oil.

"As part of creating an alternative system for cargo transportation insurance, there is great potential in terms of using bank guarantees instead of insurance to cover the liability of cargo carriers," Novak added.

According to Novak, "A significant part of settlements are in rubles, yuan, and rupees today."

Novak also recalled Russian companies' joint projects with APR colleagues in both the respective countries themselves and in third-party countries.

The Vietsovpetro joint venture has been operating since being established in 1981. Gazprom is implementing a project jointly with Vietnam's PetriVietnam in order to produce commercial gas at the Moc Tinh and Hai Thach fields. Discussions are underway on the possibility of the Vietnamese side participating in developing the Severo-Purovskoye gas condensate field.

Gazprom in 2010 began exploring and developing hydrocarbon deposits in Bangladesh. In January 2020, memorandums on strategic cooperation were signed on exploring new oil and gas fields on the island of Bhola. The parties are considering options for cooperating with Thailand in the area of exploring and producing hydrocarbons, as well as developing LNG projects.