An adviser to the president of Transneft reported errors in the calculations of Rosneft experts, who asked to reduce the tariffs for pumping oil by half. The head of Rosneft claimed that the share of transport in the cost of oil reached a third.
Transneft’s presidential adviser Igor Demin responded to a statement by Rosneft’s chief executive Igor Sechin, who, at a meeting with President Vladimir Putin on Tuesday, May 12, asked him to cut the pipeline monopoly tariffs by almost half, since, according to his calculations, transport costs now make up 32% of the cost of oil.
“The whole sensationalism of the statement on the transport tariff in a third of the cost of oil is based on a surprising misunderstanding of the difference between the tons and barrels used in the calculations,” Demin told RBC.
At a meeting with Putin, Sechin said that in 2008 the cost of oil in rubles was about 1100 rubles, now - 1200 rubles, while the Transneft tariff for pumping oil at the same time increased from 822 to 2.1 thousand rubles. . per ton per 100 km. As a result, transportation costs now account for 32% of the cost of oil, which is “sensitive," concluded the head of Rosneft.
The cost of transporting oil through Transneft pipelines is indeed calculated in rubles per tonne of oil per 100 km, Demin confirmed. But, according to him, the head of Rosneft quoted the cost of the raw material per barrel, and not per ton of oil (1 ton about 7.33 barrels), and without taking into account the difference in the dollar exchange rate over the years. As a result, the company's experts came up with incorrect results, comparing the cost of a barrel with the cost of pumping a ton, a representative of Transneft noted.
According to Demin’s calculations, made on the basis of data from price agencies from January to May 2020, the tariff for the transportation of Rosneft oil to its Russian refineries is 16.8% of the cost of oil in the domestic market, and pumping for export - from 11.9 to 16.7% of the cost of oil depending on the direction of supply (on average - 13.4%). In January-May, the average cost of pumping oil per 100 km through trunk pipelines amounted to 1.719 thousand rubles. per 1 ton, the maximum - 2.14 thousand rubles. per 1 ton (transportation through Ust-Luga). Moreover, the minimum prices for domestic and export oil supplies during 2020 were not lower than 6957 rubles. and 8925 rubles. per 1 ton, respectively, that is, they were at a much higher level than Sechin said (1,200 rubles), Demin pointed out.
In 2008, the average annual oil price in the country amounted to 8.25 thousand rubles. per 1 ton, and for export - 16.832 thousand rubles per 1 ton (with an average annual rate of 24.87 rubles per dollar), Demin added. Then the cost of pumping oil was calculated without taking into account the network tariff, which then increased to cover the costs of building several trunk pipelines: ESPO, Zapolyarye - Purpe, and the port of Kozmino, most of which Rosneft used to export its oil.
“It is regrettable that once again the head of Rosneft announced the figures regarding Transneft at the highest level, without first contacting us to at least clarify the initial data for calculations, such as the ruble exchange rate, the price of oil and the rate” - concluded Demin.
“In connection with the statement circulated by Transneft’s press service and the requests received from the media in this regard, we consider it possible to only note that any comment on the issue on which the President’s order was given seems unnecessary and incorrect,” they said RBC in the press service of Rosneft. To Sechin’s request to bring the tariffs of transport monopolies “in line” with current market prices, Putin replied: “I understand these concerns, we will definitely discuss this.” The president also asked if the head of Rosneft had written proposals, and when he heard a positive response, he said: “Well, we’ve agreed.”