Sanctions may delay Transneft pipelines

Western sanctions on Russia over Ukraine are likely to delay the launch of new oil pipelines in Siberia, Russian oil pipeline monopoly Transneft has said, potentially derailing plans to boost oil exports to Asia in coming years.

However, some industry sources said that the delay has long been on the cards due to the revision of fields’ reserves estimates and is not directly connected to the sanctions.

Sanctions

The USA and European Union have imposed sanctions against Russian oil companies over Moscow’s role in the Ukrainian conflict which has claimed more than 3000 lives.

A spokesman for Transneft said the sanctions could delay plans to launch the Zapolyarye-Purpe and Kuyumba-Taishet pipelines by two to three years.

Both pipelines were due to launch at the end of 2016.

Edited from various sources by Elizabeth Corner

Sources: Gulf Times, Reuters UK

Read the article online at: https://www.worldpipelines.com/business-news/18092014/sanctions-may-delay-transneft-pipelines/