Russia continues to increase oil supplies to China and India; Transneft to introduce new transit capacities to China in H1 2024

MOSCOW. Dec 20 (Interfax) - Russia continues to increase oil supplies to China and India, and plans to commission new capacities to increase volumes for those markets.

"Export volumes to China and India have increased significantly; many times over. I can say that about 70 million tonnes of oil were supplied to India this year, while about 100 million tonnes of oil went to China," Transneft CEO Nikolai Tokarev said in an interview with Rossiya 24.

"New markets have appeared: Egypt, Morocco, Myanmar, Pakistan. I can list many more," he added.

The port of Kozmino, which is the end of the Eastern Siberia - Pacific Ocean (ESPO) pipeline system, handled about 42.5 million tonnes this year. "We have brought the nearby Gruzovaya railway station into normal operating condition, so the railway can supply an additional 7 million tonnes for transshipment to Kozmino," Tokarev said.

"In addition, construction of the Achinskaya oil pumping station is underway in the Irkutsk region. It will be commissioned sometime in the first half of next year, and will allow for an additional 7 million tonnes to be supplied by rail to China as well as to the port of Kozmino," he said.