Bunker Fuel Oil Sales in Russia Drop by 26% in 2016

by Argus Media
Wednesday March 15, 2017

A recent market survey conducted by Argus shows fuel oil sales at Russian seaports decreased by 26% compared to 2015 to 8.8mn tonnes (t) in 2016.

The main reasons of such decline were the changes in tax legislation that resulted in higher profitability of export and decline in fuel oil production amid lower refinery utilization rate and upgrade of refineries. Cut in fuel oil output at Russian refineries by 21.3% or by 15.8 million t compared to 2015 to 58.5 million t in 2016 added to the drop in bunker fuel oil sales.

The most striking decline in bunker fuel oil sales was in Russian Far East — by 40% to around 3.6 million t. At the ports of Azov-Black sea basin such sales decreased by 12.5% to 2.6 million t. The ports of Baltic and Arctic basins also showed a cut in bunker volumes — by 9.2% to 2.4 million t and by 22% to 0.205 million t respectively.

Around 70% of sales were made by subsidiaries of major oil companies like Gazpromneft Marine Bunker, Lukoil-Bunker, RN-Bunker and NNK-Bunker. The share of independent players is not so significant and keeps falling.

Argus invites you to join its webinar on Russian bunker market overview: The results of 2016 to learn more about the latest market trends and fundamentals.

The webinar will cover:

  • Bunker fuel oil sales in Russia (Far East, western, arctic and southern ports)
  • Price trends and discounts for bunker fuel oil at Russian ports to major ports in Asia-Pacific, European and Mediterranean regions
  • Fuel oil output and export volumes
  • Cargo turnover at Russian ports

Date: Thursday 16 March, 2017, 9:00 GMT
Speaker: Galina Borisova, Editor, Argus Russian Fuel Oil
Register your details to listen to this free webinar.

Click Here to Register now

About Argus Media

Argus Media

Argus is an independent media organisation with more than 800 staff. It is headquartered in London and has 21 offices in the world’s principal commodity trading and production centres. Argus produces price assessments and analysis of international energy and other commodity markets, and also offers bespoke consulting services and industry leading conferences.

Companies in 140 countries around the world use Argus data to index physical trade and as benchmarks in financial derivative markets as well as for analysis and planning purposes.

Half of Argus employees are commodity journalists who specialise in reporting news and price information relating to physical energy and related commodity markets. They operate according to a rigorous Editorial Code of Conduct and a Compliance and Ethics Policy that align with best journalistic practice, including the avoidance of conflicts of interest.

Argus was founded in 1970 and is a privately held UK-registered company. It is owned by staff shareholders and global growth equity firm General Atlantic.

Argus is a leading provider of data on prices and fundamentals, news, analysis, consultancy services and conferences for the global crude, oil products, LPG, natural gas, electricity, coal, emissions, bioenergy, fertilizer, petrochemical, metals and transportation industries. Data provided by Argus are widely used for indexation of physical trade. Companies, governments and international agencies use Argus information for analysis and planning purposes.

To contact the editor responsible for this story email us at editor@shipandbunker.com