April 4, 2018 / 10:57 AM / 7 months ago

Russia's Transneft halts oil intake from Rosneft subsidiary

The logo of Russia's oil producer Rosneft is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. Picture taken June 1, 2017. REUTERS/Sergei Karpukhin

MOSCOW (Reuters) - Russian oil pipeline monopoly Transneft (TRNF_p.MM) said on Wednesday it had stopped taking oil from a unit of Rosneft due to the oil’s low quality, but the subsidiary said it had halted the supplies due to pre-commissioning work at its oilfield.

The subsidiary - Taas-Yuriakh, located in east Siberia - supplies oil to the East Siberia Pacific Ocean pipeline as part of the ESPO blend.

Taas-Yuriakh is due to load 430,000 tonnes of ESPO from the Pacific port of Kozmino in the April to June period, according to the loading schedule. It said the maintenance will not affect the supply schedule.

Transneft gave no more details on the reasons for its decision to stop taking the oil and it did not say how long the situation would last.

Taas-Yuriakh said it suspended supplies temporarily and will resume them “in the nearest future”.

Rosneft controls 50.1 percent of its Taas-Yuriakh subsidiary, while a consortium of Oil India Limited, Indian Oil Corporation Limited and Bharat PetroResources Limited has 29.9 percent and BP 20 percent.

Trade sources in Europe have said the quality of some Russian oil, notably its flagship Urals blend which flows to Europe, has deteriorated recently as Moscow has increased oil supplies to China.

Reporting by Vladimir Soldatkin and Olga Yagova, Editing by Jane Merriman and Adrian Croft

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