Russian Energy Ministry: share of 'gray' exports of petroleum products a tiny percent, but sufficient to disrupt balance

MOSCOW. Oct 9 (Interfax) - The share of "gray" exports of petroleum products from Russia is small, but this is enough to create an imbalance of supply in the market, Russian First Deputy Energy Minister Pavel Sorokin said in an interview with RBC TV.

"It [the share of "gray" exports] is not very large. I will not give you exact numbers yet, because we are still checking it accurately. It is a few percent, but it is enough to create an imbalance in the market," Sorokin said.

Growth of "gray" exports is due to the difference between the price of diesel fuel on the SPIMEX, supported by the damper, and the export alternative. According to Sorokin, at the end of summer it reached 25-27,000 rubles/t.

"Naturally, this stimulated unscrupulous players to buy and 'wash out' the goods intended for the domestic market and export them," the first deputy energy minister added.