Transneft sees 23 bln rbl enough for Druzhba incident compensation

MOSCOW, Jan 31 (PRIME) – A reserve of 23 billion rubles is sufficient for compensation for contaminated oil flows through the Druzhba pipeline, Russian oil pipeline monopoly Transneft said in a statement on Friday.

“Transneft believes that the volume of the reserve based on reason and sufficient for compensation of confirmed factual spending of cargo consignors,” the company said.

Reuters reported on Thursday that the incident, which forced the European clients to pump over 5 million tonnes of spoilt oil, will cost the company U.S.$1 billion – this sum is demanded by Eni, Shell, Glencore, Trafigura, PKN Orlen and BP.

Transneft said it was ready to compensate $15 per each dirty barrel and reserved 23 billion rubles for the purpose. But the European companies demand $30-40 per barrel, or a total of over 60 billion rubles.

According to its latest IFRS report, Transneft had 66 billion rubles of cash and its equivalents and 170 billion rubles on deposits and investment in bank bonds.

Transneft has only settled the problem at $15 per barrel with the Kazakh producers and Lukoil, which shipped oil to Hungary’s MOL.

The large European clients sent their claims to the seller of crude – Rosneft, Gazrom Neft and Surgutneftegaz, which are to send them to Transneft. Reuters said it is unclear whether it was done or not.

Chloride-contaminated oil cannot be sold on the market because this crude damages refineries’ equipment very strongly. It can only be refined after a significant dilution with good oil. As a result, the buyer of dirty oil had to pay for dirty oil storage and the purchase of additional volumes for dilution.

(63.0359 – U.S. $1)

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