Thu 8 May 2008, 12:26 GMT

Russian fuel oil exports drop by 71.2 percent


Rise in export tax and maintenance work at refineries leads to decrease in outflows.



Exports of Russian fuel oil dropped by 71.2 percent in April following an increase in export duties and maintenance work being carried out at a number of refineries, according to the Russian Energy Ministry.

In the latest report issued by the Russian government, exports of refined products fell in April with fuel oil outflows decreasing by 71.2 percent to 38,493 tonnes per day and exports of gas oil dropping by 19.3 percent to 77,686 tonnes per day. Gasoline exports also fell during the month of April to 7,752 tonnes per day, down by 35.3 percent from 11,987 tonnes per day in March.

Meanwhile, exports of crude oil to countries other than former Soviet republics decreased by 5.8 percent to 51.5 million metric tonnes (377 million barrels) in the first quarter of 2008 compared to the previous year.

Total exports of crude stood at 55.3 million metric tons (405 million barrels) and petroleum products at 27.4 million metric tons (200.8 million barrels) in the first quarter of 2008.

Export tax reached a record $130.1 per tonne for fuel oil and $241.1 per tonne for light products for the April-May period. Russia's export duty is revised on a two-monthly basis and is based on the previous two-month average price for Urals, the country's benchmark export blend.

Earlier this week, Russia's Finance Ministry announced the export tax on heavy products such as fuel oil would be increased from June 1 to $151.10 a tonne. Crude export tax will increase from $340.10 per metric tonne (or $46.40 a barrel) to $398.10 per tonne and light products such as gasoline and butane will be taxed at $280.50 per tonne, 16 percent higher than the previous two-month period.

Oil production in April was 9.72 million barrels of oil per day, the lowest level in 18 months. Output from Russian refineries may decline in 2008 for the first time in ten years as refiners are faced with high costs and aging oil fields.

Russia 

Arctic Tern vessel. Wallenius Wilhelmsen takes delivery of first methanol-ready Shaper Class vessel  

The dual-fuel Arctic Tern will enter service on the Asia–Europe trade almost immediately.

Al Muraykh vessel. Hapag-Lloyd signs shore power agreement with Hamburg Port Authority  

Deal commits the carrier to using onshore power supply at all Hamburg terminals.

Dorthe Karin Bendtsen, KPI OceanConnect. KPI OceanConnect reports 21% rise in pre-tax earnings for 2025/26  

Marine fuel firm delivers 13 million tonnes and expands carbon markets capabilities amid geopolitical turbulence.

VTTI logo. VTTI Dalian completes first large-scale 'green methanol' vessel loading  

Cargo to be supplied as marine fuel in Shanghai.

Steff Tan, Oilmar. Oilmar appoints Steff Tan as marine fuels trader in Singapore  

New hire's background spans bunker operations, logistics, commercial trading, marketing, and business development.

Feng Da Hai vessel. Cosco Shipping adds methanol-ready bulk carrier Feng Da Hai to fleet  

The 64,000-tonne vessel is equipped with a methanol fuel system for future low-carbon operations.

Oilmar office in Dubai. Oilmar welcomes summer intern to Dubai branch  

Arpit Aryan will rotate across the bunker fuel trading, finance and operations departments.

Aerial view of the Dubai skyline. Oilmar takes on trading and finance intern in Dubai  

New intern to rotate across trading, operations and finance teams.

Seaspan and Maersk signing. Seaspan and Maersk deepen fleet efficiency collaboration with $75m upgrade programme  

Retrofit package for four 13,000-teu vessels includes installation of shaft generator to reduce auxiliary engine fuel consumption.

European Parliament building in Brussels. EU Parliament vote on soy biofuels could expose bloc to $5.6bn a year in trade sanctions  

MEPs reject regulation that would have phased out soy biofuels, risking WTO retaliation penalties.