EMEA News
Russia's Gazpromneft Reports 5.6% Decline in Bunker Sales in 2021
Russian oil producer Gazpromneft saw its bunker sales decline by 5.6% last year despite growing its overall market share in its home country.
The company sold a total of 1.67 million mt of bunker fuels in 2021, it said in annual results released on Thursday, down from 1.77 million mt the previous year.
The sales broke down to 1.48 million mt in Russia and 0.19 million mt at foreign ports in 2021, compared with 1.47 million mt and 0.3 million mt respectively the previous year.
But Gazpromneft's share of the Russian market grew to 21.6% in 2021 from 19.1% the previous year as the overall Russian market continued to decline.
"The trend towards lower use of heavy petroleum products in favour of environmentally friendly marine fuels continued throughout 2021," Alexey Medvedev, director general of Gazpromneft Marine Bunker, said in a statement on the company's website.
"Our market offering is fully in line with this trend -- low-sulphur fuels already account for more than 60% of total sales, and are expected to increase further in the medium term in line with the recovery in passenger and freight traffic.
"Together with our partners we are, already, looking into options for expanding our product range on the basis of the potential use of LNG, and, going forward, the use of alternative environmentally friendly fuels"
