Diesel

Ros&Neft is willing to pay debt to Rosneft

Ros&Neft has made a motion in the commercial court of the Kaliningrad region about the possibility to pay its debt to Rosneft, which acts as the applicant in the case on bankruptcy of the company, the court reports.
However, a representative of Rosneft objected to the delay of the court session, as the debtor didn’t take any measures to pay off the debt. The court postponed the consideration of the case on bankruptcy of Ros&Neft to September 17th.
In October 2013, commercial court in Moscow awarded about 773 million rubles of the debt in the suit of Rosneft from Ros&Neft.

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Ministry of Finance has prolonged tax manoeuvres

Oil companies are to pay another $1.6 bln in 2015.
The already agreed tax manoeuvre in the oil sector about which the Ministries and oil companies have been arguing for over half a year might be reconsidered again. Kommersant has learnt that the Ministry of Finance suggests slightly raising the mineral extraction tax rate for 2015 as a result of which the oil companies will lose $1.6 bln. The Ministry suggests raising the approved for 2017 excise duty for fuel. The companies and the Ministry of Energy plan to insist on the reached agreements and this issue is to be discussed with the Vice Prime Minister, A. Dvorkovich.

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In January – July, Azerbaijan produced 683,900 tons of petrol

In January – July, Azerbaijan made 683,900 tons of petrol, by 16.2% less than last year, the state statistic committee reports.
In connection with the growth in fuel consumption in the state, SOCAR upgrades the its refining capacities.

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From September 1st, Russia will reduce oil export duty by 5.4% to $367.6 per ton

From September 1st, Russia will reduce oil export duty by 5.4% to $367.6 per ton.
The leading expert of the department for tax and customs and tariffs policy of the Ministry of Finance A. Sakovich says that within the monitoring period since July 15th until August 14th was $103.59174 per barrel or $756.2 per ton compared to $108.4119 per barrel or $756.2 per ton a month ago. Thus, under the active formula, in September the duty should be to $367.6 per ton.
The beneficial oil export duty will be $176 per ton versus $191.8 per ton in August. The beneficial super-viscous oil export duty will be $36.7 per ton versus $38.8 per ton in August.

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Bashneft completes the acquisition of the "OPTAN" filling stations network.

"Bashneft" has completed the acquisition of the filling stations network under the "OPTAN" brand name consisting of 92 filling stations and 11 plots of land in 12 regions of Russia, the message of Bashneft informs.
The transaction has received approval from the Federal Antimonopoly Service. The acquisition of the "OPTAN" filling stations network for a total amount of not more than 8.8 billion roubles (adjusted for the working capital) was approved by the Board of Directors of Bashneft.
The acquisition of the "OPTAN" network is in line with the strategy to expand the number of Bashneft’s own gfilling stations in priority development regions that are geographically close to the Ufa refinery complex.
A significant part of the "OPTAN" filling stations are located in regional centers, as well as on federal highways: M5 "Ural", M7 "Volga" and M51 "Baikal".

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KMG and Helios give divergent fuel testimonies.

In Almaty number of fuel stations has limited the most popular types of fuel - AI-92 petrol and diesel fuel. At some gas stations there is no petrol at all, at other the fuel is supplied only via the coupons, "the Vremya" newspaper informs.
"Helios" stated that it also had problems with the supply of 92-octane petrol and diesel. The company advised the drivers should tank up before dinner, while the petrol is available in sufficient volumes, and later it is only sold for coupons and cards.
But the state-owned company "KazMunaiGas", on which the refueling drivers also complained, stated that there are no problems with the supply.

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In the first 7 months of 2014, export of oil products through Vysotsk Lukoil II grew by 9% to 7.41 million tons

In the first 7 months of 2014, the export of oil products through Vysotsk Lukoil-II increased by 9% as compared with the same period of the previous year to 7.41 million tons.

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In July, transportation of oil and oil products via Russian Railways’ network decreased by 4.3%

In July 2014, transportation of oil and oil products via the Russian Railways’ network decreased by 4.3% as compared with the same period in 2013 and amounted to 22.168 million tons, Russian Railways reports.
In particular, in July 2014, the export decreased by 7.4% and made up 8.799 million tons, 773.6 thousand tons of which to the CIS countries and 8.025 million tons (8.7%) to the third countries. 

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Sanctions are obstacle to Rosneft in Italy: negotiations with Saras are suspended

Western sanctions have jeopardized Rosneft’s plans to create its own oil trading company. After the company came under U.S. sanctions, negotiations about the creation of trading joint venture were suspended by the Italian Saras, and rapid completion of the transaction for the purchase of trading subdivision of Morgan Stanley looks unlikely. According to sources of the Kommersant and analysts, if sanctions are not tightened,the implementation of Rosneft’s projects can be slowed down, but the company is unlikely to give up on it.
The creation of trading joint venture of Rosneft and the Italian refining company Saras has been postponed because of the deterioration of relations between Russia and the West, the executive director of Saras, Dario Skaffardi said on Friday. The companies agreed to establish a joint venture on trading of oil and oil products in June 2013, it was assumed that it would work this year after all approvals. At the same time, at the end of 2013, Rosneft began the negotiations on the purchase of the oil trading subdivision of the American investment bank Morgan Stanley to create its own trading company on its basis. As a result, there was a problem of coordination of the two transactions, which required more time. "In recent months, we have been negotiating with Rosneft and Morgan Stanley to find ways to achieve the integration," - said Mr. Skaffardi. "Of course, these negotiations were suspended in recent weeks because of the general political situation," - he said, added that Saras didn’t abandon the transaction and expected that "some solution will be found in the coming weeks". Rosneft declined to comment.

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Fuel exports to be 3 times more profitable in 2017

According to the suggestions of the “tax manoeuvre” of the Ministry of Finance that set the excise duty rates and oil export duties for oil products, the export duty for fuel will fall from 90% in 2014 to 30% in 2017. In 2015 its rate will make up 78% of the oil duty, in 2016 – 61%. To pay back the mineral extraction tax growth for oil production, the Ministry of Finance suggests making equal the excise duties by all classes of car fuel to 4.5 thousand roubles/ton by 2017. It was previously planned that in 2015 the excise duty for the class-5 fuel will amount to 7,750 roubles, off class-2 and lower – 13,332 roubles.
It is also suggested reducing the excise duty for diesel fuel: from the planned 5,244 roubles for Euro-5 to 2.3 thousand roubles in 2015, to 2.8 thousand roubles for diesel fuel of all classes in 2017. The Government suggested covering the losses from the tax manoeuvre for the producers of naphtha for the oil chemicals sector and jet fuel by the means of introducing a tax deduction which will cover the difference between the exports and the domestic market price.

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