Energy Ministry, Transneft to draft rules for oil export quotas by end-2012

10:07, 24.10.2012 1 min read

Russia's Energy Ministry and oil pipeline monopoly Transneft plan to work out rules for the distribution of quotas for exports of Russian oil by the end of the year, Energy Minister Alexander Novak told reporters.

"We don't want to settle reassignment [of places in export schedules - ed.], we want to work out principles for the distribution of quotas. Together with Transneft we are now coming to an agreement to create a transparent system for providing such quotas," Novak said.

He said the ministry wants to create a transparent system for distribution of quotas that would make it possible to objectively make decisions on this issue. The system should take into account the capabilities of the pipeline system, production volumes by company, supplies to the domestic market, and so on.

"The details still need to be worked out, but I think that we and Transneft will manage it by the end of the year," Novak said.