Support The Moscow Times!

China Boosts Transneft Q1

First-quarter revenue at oil pipeline monopoly Transneft jumped 45 percent to 149.2 billion rubles ($5.4 billion) after it started crude sales to China, the company said Tuesday.

Revenue from oil sales to China totaled 22.4 billion rubles thanks to shipments of 300,000 barrels a day via its newly opened pipeline, the company said.

Transneft also said its income for the period more than doubled year on year to 85.5 billion rubles. In January, the company started shipping oil to China along the first stage of a pipeline from oil fields in Siberia. Previously, oil had been transported to China only by rail.

(Reuters)

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.