Argus Nefte Transport

Oil transportation logistics in the former Soviet Union

Volume XVI, 5, May 2017

Primorsk loads first 100,000t diesel cargo Russia’s main outlet for 10ppm diesel exports, the Baltic port of Primorsk, shipped a 100,000t cargo for the first time this month. The diesel was loaded on 4 May on the 113,300t Dong-A Thetis, owned by the South Korean shipping company Dong-A Tanker. The 100,000t cargo of Rosneft product was sold to trading company Vitol for delivery to the Amsterdam-Rotter- dam-Antwerp region, a market participant says. The Dong-A Thetis was loaded at Russian pipeline crude exports berth 3 or 4 — which can handle crude and diesel following a recent upgrade, and mn b/d can accommodate 90,000-150,000t vessels with 15.5m draught. 6.0 Transit crude Russian crude It remains unclear whether larger loadings at Primorsk will become a regular 5.0 occurrence. “Smaller 50,000-60,000t cargoes are more popular and the terminal 4.0 does not always have the opportunity to stockpile larger quantities of diesel for

3.0 export,” a source familiar with operations at the outlet says. But the loading is significant considering the planned 10mn t/yr capacity 2.0 addition to the 15mn t/yr Sever diesel pipeline by 2018. Expansion to 25mn t/yr 1.0 will enable Transneft to divert more diesel to its pipeline system from ports in 0.0 Apr Jul Oct Jan Apr the Baltic states, in particular from the pipeline to the Latvian port of Ventspils. 16 17 Terminal operator Primorsk Commercial Port (PCP) — part of Novorossiysk Commercial Seaport (NCSP) — shipped a diesel cargo of nearly 60,000t for the FSU crude exports first time in August, when Vitol loaded 57,000t supplied by Bashneft and New mn b/d Stream’s 180,000 b/d Antipinsky refinery on the 65,000t Stena Premium. The 8.0 standard diesel cargo size at Primorsk was previously 30,000-40,000t. 7.5 Berths 3 and 4 were originally expected to start loading 60,000-80,000t diesel

7.0 cargoes as part of the Sever expansion project. But following damage to Primor-

6.5 sk’s berth 1 in a November accident, crude was diverted to berths 3 and 4, meaning most diesel is still exported through berths 8 and 9. The Primorsk sea 6.0 port captain issued a ruling in April last year, confirming that berth 8 can now 5.5 accommodate 76,400t tankers with 13.7m draught, while berth 9 can accept 5.0 47,100t tankers with 10.8m draft. Apr Jul Oct Jan Apr 16 17 State-controlled Transneft plans to increase product supplies to Primorsk — the company has a controlling stake in NCSP, alongside private-sector firm Summa Group. Transneft completed the phase-one, 800,000 t/yr expansion of the Sever pipeline to Primorsk to 15mn t/yr in November. First-quarter diesel loadings at PCP Contents were 100,000t lower on the year at 3.8mn t, while exports of 13.7mn t in 2016, were down by 700,000t, after Lukoil diverted product to its own Vysotsk terminal. Red signal for Latvian rail supplies 2 The expansion of Sever will increase available export capacity to Lukoil’s Ufa products return to rivers 3 365,000 b/d Nizhny Novgorod and 290,000 b/d Perm plants, Bashneft’s Ufa group of refineries, Antipinsky, and the 140,000 b/d Taneko and 160,000 b/d Taif Rosneft expands floating storage 4 refineries at Nizhnekamsk. But only Taif intends to increase exports. Tatneft- NCSP: upgrade will boost efficiency 7 owned Taneko does not export 10ppm diesel, but may start shipping the grade FSU crude exports 31 next year, while other companies have yet to make a decision on 2018 exports. FSU products exports 32-33 Supplies through Sever are not expected to reach 25mn t/yr until 2019-20. Pipeline crude exports 34-36 The Dong-A Thetis and the similar-sized Dong-A Maia have been chartered by Rail data 37-45 Vitol shipping arm Mansel for at least five years. The five-year lease rate for Pipeline/rail tariffs 46-48 80,000-160,000t LR2-type tankers was $22,000/d early this year, brokerage Alibra Export costs 49 says. The vessels were completed at South Korea’s Hyundai shipyard last year.

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Red signal for Latvian rail supplies Exporters hoping to move products by rail from Russian refineries to terminals in Latvia are encountering severe obstacles to securing approval for shipments from state-owned Russian Railways (RZD). The problems are apparently as a result of unofficial restrictions imposed by the Russian rail operator. Of the requested 1.21mn t of Russian products shipments by rail to Latvia’s Mangali, Ziemelblazma, Ventspils and Liepaja stations this month, only 115,800t — or 10pc — had been approved by 10 May. Mangali and Ziemelblazma serve the port Riga. Russian products supplies by rail to Latvian ports were 345,200t in April, 135,600t lower than initially requested. This signals the first significant disruption of rail shipments to Latvia since September 2015, when RZD recommended that exporters maximise rail deliveries to Russian ports as large-scale repair work began on routes to Latvia. But the restrictions introduced at that time were minimal and shipments of products soon returned to normal. This time around, the problem appears more severe, particularly for shippers of petrochemicals products. “There are no facilities in Russia that can accept these cargoes,” says a source at one rail operator — only Finland and the Baltic countries have terminals that can handle petrochemicals. RZD insists that no limitations have been imposed on shipments to Latvia. “Every specific case of refusal [to approve transportation] should be investigated individually in order to understand what is really going on,” the company says. Market participants acknowledge that no official restrictions have been imposed by RZD or Russia’s transport ministry, although the earlier recommendation to divert products to Russian ports remains in place. Exporters of Russian coal and fertilizers are also facing problems. RZD approved the rail transportation of only 1.4mn t of coal to Latvian ports, of the 3.8mn t requested, in the first two weeks of April — or 37pc of the total. But it authorised 4.1mn t out the 4.5mn t requested for rail shipments to ports in northwest Russia over the same period — or 91pc of the total. Companies involved in rail shipments to Latvian ports say they were told by dispatching stations in Russia that transportation requests were being blocked by state-controlled Latvian Railways. But both the latter and local shipping firms in Latvia deny this. “I do not remember Latvia rejecting even a single tonne of a transit cargo — we will take anything we are offered and would be happy to take more,” a source at one company says. Shippers are facing problems only with supplies to port stations, for now, and market participants expect cargoes to be diverted to Rezekne and Daugavpils stations, close to the Latvian-Russian border, and Riga’s Skirotava marshalling yard.

Terminal problem Rezekne was used for rail supplies to Estonian terminals last year, as a result of unofficial restrictions on shipments from Russia, but RZD halted the use of this route after a few months. Russian cargo shippers have faced unofficial curbs on crude and products supplies by rail to Estonia since late-May 2016, with shipments to the ports of Tallinn, Paldiski and Sillamae dropping to 2.4mn t last year as a result, compared with 5.5mn t in 2015. The restrictions are still in place. A key objective for the Russian government is to end transit of Russian products through ports in the Baltic states, market participants say. But this will be impossible until the expansion of the Sever diesel pipeline to Russia’s Baltic port of Primorsk is complete and further infrastructure for loading clean products at Russian terminals is added.

Issue Ref: 190653 Argus Nefte Transport May 2017

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Ufa products return to river system Rosneft started exporting fuel oil and low-viscosity marine gasoil (MGO) by river from Bashneft’s 480,000 b/d Ufa group of refineries last month. A combined 200,000-210,000t of fuel oil and of low-viscosity 0.7-1.5pc sulphur MGO from Ufa, in Russia’s Bashkortostan republic, are scheduled for shipment by river in May — with 150,000t of the former going to the Estonian port of Sillamae, where larger cargoes can be accumulated, and 50,000-60,000t of MGO heading to floating storage in the Kerch strait. Monthly river shipments from the three Ufa refineries — 140,000 b/d Novoil, 150,000 b/d Ufa and 190,000 b/d Ufaneftekhim — will probably remain at around this level until the end of September. This should enable Rosneft to ship at least 1mn t of products in total from the plants during this year’s navigation season. Bashneft did not ship products on Russia’s inland waterway system last year, after deciding that supplies by river would not be profitable. But Rosneft — which took control of Bashneft in October — plans a significant increase in river exports of Ufa products this year compared with 2015, the last year when products were transported from the plants by river.

Big cargoes The first two barges were loaded at Ufa on 20-30 April, with 8,120t and 7,690t cargoes of fuel oil. These shipments were unusually large because deep water — as a result of spring flooding on the Belaya river, which flows through Ufa — -al lowed barges with a draught of up to 3.6m to be loaded. But as water levels on the Belaya fall, Rosneft is expected to switch to loading smaller cargoes of 2,000t on Belskaya-type barges with 1.4m draught. These products will be reloaded onto larger barges at Nagaevsky Yar in Tatarstan, 200km from Ufa, before being transferred again to river-sea tankers at Yaroslavl for onward shipment to Sillamae. A similar transportation scheme will be employed for shipments of low- viscosity MGO, although this product will be reloaded on Volgoneft-type tankers

Russian inland waterways

Lake Refinery Lake Onega Ladoga Lock Svir Nizhny-Svir Sillamae Unzha Tura ESTONIA Rybinsk Vyatka Volgorechensk Perm Yaroslavl LATVIA RUSSIA

Moscow Oka Nizhny Novgorod Ufa

Ryazan Sura Volga Samara BELARUS Tsna Ishim Belaya Dnepr Syzran Tobol

Don Novokuibyshev Seym Khopr Saratov Ural Donets UKRAINE Volga Volgograd Don KAZAKHSTAN Rostov Kochetovsky

Kerch Strait

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at Nagaevsky Yar. There are two floating pumping stations Nagaevsky Yar, NPS-44 and NPS-Derbeshka, and a third may be placed there during the course of the 2017 navigation season. The expected 1mn t of shipmnets on inland waterway system from Ufa this year is 20pc below the quantity stipulated in Rosneft’s tender for Ufa-Yaroslavl river transportation. Shipping company Bashvolgotanker — a subsidiary of bankrupt Volgotanker — won the Rbs1.65bn ($28mn) contract to carry 1.25mn t of products by river from Ufa this year, broken down into 1mn t of dirty and 250,000t of clean products. Market participants estimate the cost of products transportation from Yaro- slavl to Sillamae at Rbs2,080/d ($36.83/d at the current exchange rate) last year. Based on this, total freight costs for the Ufa–Nagaevsky Yar–Yaroslavl–Sillamae route would reach at least Rbs3,400/t, excluding the cost of reloading operations in Nagaevsky Yar and Yaroslavl — although these costs may be included in Bash- volgotanker’s Ufa-Yaroslavl fee. Bashneft and trading company Somitekno supplied about 400,000t of fuel oil by river to the Baltic port of St Petersburg in 2015, despite Bashneft planning to halt river shipments in that year. But market participants suggest that the Bashkortostan regional government may have insisted on river shipments to secure business for Bashvolgotanker. news

Rosneft expands floating storage capacity Kerch Strait floating storage tankers Rosneft placed two floating storage tankers in the Kerch strait, linking the Azov and Black seas, at the end of April to handle products exported by river this year.

Kerch Kavkaz It will use the Viktor Bakaev for clean products and the La Mer for dirty Kerch Strait products supplied from Rosneft’s Samara refineries and Bashneft’s Ufa plants, Taman Bay market participants say (see table). Freight rates for 80,000-120,000t Aframaxes and 120,000-200,000t Suezmaxes were $15,750/d and $19,000/d, respectively, last Taman week, shipbroker Fearnleys says. The tankers join two other Rosneft-chartered vessels that were deployed in the Kerch strait last year, the RN Kavkaz handling La Mer Viktor Bakaev clean and dirty products and the Vladimir Tikhonov handling fuel oil. Vladimir RN Kavkaz Tikhonov Trading firm Dukkar placed the Basilia in the Kerch strait at the end of April Basilia Boray to handle Turkmen and Kazakh fuel oil, as well as fuel oil from Yug Rusi’s 50,000 Black Sea Sanar-8 b/d Novoshakhtinsk refinery, market participants say. Yug Rusi has three floating Sanar-7 storage tankers in the Kerch strait, the Boray, the Sanar-7 and the Sanar-8. Rosneft floating storage tanker Yug Rusi floating storage tanker Azeri Socar Trading is buying up to 300,000t of “hydrocarbon mixture for cold Departed vessel (Sailed for Cyprus on 2 May) metal processing” — a product similar to vacuum gasoil — from Novoshakhtinsk Terminal in April-July, according to market participants. And trading firm Coral Energy can buy up to 165,000t of naphtha from the plant in April-July, they say. Lukoil trading arm Litasco plans to place a floating storage tanker in the Kerch strait, market participants say, although the firm declines to comment.

Floating storage tankers for products supplied by river ’000 dwt Company Product Tanker Deadweight Year built

Rosneft Fuel oil Vladimir Tikhonov 162 2006 Rosneft Gasoil, dirty products RN Kavkaz 160 2002 Rosneft VGO La Mer 162 1998 Rosneft Gasoil, low-viscosity MGO Viktor Bakaev 118 2013 Yug Rusi VGO Sanar-8 113 2000 Yug Rusi Naphtha Boray 75 2000 Yug Rusi Liquid bitumen, fuel oil Sanar-7 113 2000 Dukkar VGO, dirty products Basilia 106 1992

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New floating storage tanker to boost Murmansk VGO

New Stream rail exports ’000t Monthly exports of vacuum gasoil (VGO) through the Russian far north port of Murmansk could rise by more than 20pc this summer, following deployment of a Product Jan-Mar Jan-Mar 16 new floating storage tanker. Antipinsky New Stream will use the 105,000t Polar Rock to boost VGO shipments through Naphtha 312.5 294.9 its Kommandit Service terminal at the Barents Sea port to 160,000 t/month from VGO 160.5 31.2 July, compared with 120,000-130,000 t/month in January-March, market partici- Petroleum coke 108.3 — pants say. VGO from New Stream’s 180,000 b/d Antipinsky and 32,000 b/d Mari-el refineries has been exported through Kommandit Service since spring 2016. Trad- Fuel oil 70.6 0.1 ing firms Crudex, Vitol and Litasco buy VGO at Murmansk. Gasoil 68.1 0.1 The Polar Rock has arrived in Murmansk, but will not begin operations until Antipinsky total 720.0 326.2 mid-June, New Stream says. The tanker was originally scheduled to arrive at the Mari-el port in the second half of January, but was delayed by bad weather. It will be VGO — 57.7 placed in the same position as the existing floating storage tanker, the 61,000t Fuel oil 159.6 73.7 Kola Bay, built in 1983, which will now be scrapped. The Kommandit Service ter- Naphtha 113.5 66.2 minal uses floating storage vessels in the absence of onshore tanks. New Stream bought the Polar Rock from Greek shipping company Centrofin Base oils — 15.0 for an estimated $11mn. The tanker was built in 1996. The Polar Rock has already Mari-el total 273.1 212.6 undergone preparations for operations in low temperatures in Russia’s far north, including the installation of an additional steam boiler for heating product. “The vessel has been well prepared and it will not need to be docked for repair for 10 years,” an industry source says. New Stream also exports VGO produced at the Antipinsky refinery through BLB Baltijas Terminals at the Latvian port of Riga. It supplied 150,000t of VGO to BLB in the first quarter, compared with 32,700t in the same period a year earlier. BLB owner Tintrade, Vitol and Litasco buy Antipinsky VGO for export through Riga, shipbrokers say. Antipinsky’s VGO production has increased following the commercial start up of a vacuum distillation unit at the refinery last autumn. New Stream also exports naphtha, cracked fuel and petroleum coke by rail from its refineries see( table). And it sends Antipinsky diesel by pipeline to the Baltic port of Primorsk — deliveries of 209,000t in January-March were down by 22pc on the year. The company may halt naphtha exports this autumn and start producing gasoline at Antipinsky after commissioning a 500,000 t/yr catalytic reforming unit at the refinery. New Stream had originally planned to bring the unit on line in April, but no reason has been given for the delay.

Lukoil tanker delayed Meanwhile, the deployment of a storage tanker in Kola Bay, near the port of Mur- mansk, to handle the offshore transfer of Varandey Blend crude for Lukoil may be delayed until July-August because of difficulties in agreeing the positioning of the vessel, a market participant says. Lukoil subsidiary LC Volga — set up to operate the tanker — “exists only on paper and there is no talk of the vessel arriving”, according to an industry source. Negotiations with Russia’s military authorities on placement of the tanker have been under way for a long time, the source adds. The deployment of Lukoil’s 12mn t/yr floating storage and reloading facility near Cape Filinsky was previously planned to begin this month and to take around four months to complete. The facility was expected to start handling crude shipped from Lukoil’s far north Varandey terminal in September. The Cape Filin- sky location is northeast of the Umba storage tanker that is used by Gazpromneft for exports of its Arctic crude grades — Novy Port Light and Arco.

Belarus

Belarus products export hike expected Products exports from Belarus may rise in May-June compared with April as a result of higher crude runs at the country’s refineries. State-owned BNK exports products from the 220,000 b/d Novopolotsk and 323,000 b/d Mozyr refineries, which are scheduled to receive a combined 6mn t (481,000 b/d) of Russian crude in the second quarter, up from 4mn t in January- March, Russian pipeline operator Transneft says. The rise follows the recent resolution of a dispute between the two countries over payment for gas supplies. Belarusian dirty products are shipped mainly through ports in the Baltic states — 913,600t of fuel oil was delivered in January-March, compared with 32,800t a year earlier, shipping agents say. Trading firms Terrene Energy and Coral Energy are buying Novopolotsk fuel oil this year, shipping through the Ventbunkers terminal at the Latvian port of Ventspils. And Azeri firm Socar Trading is buying fuel oil from Mozyr, shipping through the Klaipedos Nafta terminal at Klaipeda, Lithuania. Trading firm Verum Plus had a contract to buy 1.26mn t of Mozyr fuel oil in August 2015-October 2016, which it supplied through Klaipedos Nafta, and BNK sold some Mozyr product on the spot market last year, mainly through the Ukrain- ian port of Nikolaev, market participants say. Belarusian vacuum gasoil (VGO) exports fell to 25,400t in January-March, from 126,800t in first-quarter 2016. Trading firm Tintrade exports product from Novo- polotsk through its BLB Batijas Terminals facility at Riga, Latvia, and buys small quantities of Mozyr VGO on a spot basis, which it ships from Riga to the Estonian port of Tallinn, where larger cargoes are accumulated.

Clean products supplies BNK supplies clean products mainly to Ukraine — 561,800t of gasoil and diesel were shipped in January-March, compared with 732,200t in the same period of last year. Vog, Galnaftogaz and BNK-Ukraine are the main importers. And Coral supplies about 30,000 t/month of low-sulphur diesel to Ukraine from Belarus. BNK shipped only 19,900t of diesel through Ventspils Nafta in January-March, compared with 154,400t a year earlier, market participants say. Vitol was the buyer. Coral will take most of the 20,000 t/month of Novopolotsk 10ppm sulphur diesel offered in April–March 2018, although Polish firms PKN Orlen and Unimot, and BNK unit TransBaltic Oil will take small amounts. Belarus supplied 261,000t of gasoline to Ukraine in the first quarter, down by 15pc year on year, with Vog and Galnaftogaz the main buyers. Exports through the Baltic states fell by 22pc to 214,700t in January-March. Vitol, Gunvor and Trafigura buy on a spot basis, shipping agents say. Vitol ships through Klaipeda’s Kroviniu Terminalas complex, while Gunvor and Trafigura export through Riga. BNK is offering 2,000 t/month of Novopolotsk RT jet fuel to Ukraine in May– April 2018. Galnaftogaz, Vog and Socar Energy Ukraine plan to participate in the tender, market participants say. Some 2,200t of Belarusian jet fuel was shipped to Ukraine in the first quarter, compared with none a year earlier.

Belarusian products sales '000 t/month Product/Buyer Refinery Terminal Contract Volume

Fuel oil Terene Energy Novopolotsk Ventbunkers Sep 16-Aug 17 100 Coral Energy Novopolotsk Ventbunkers Oct 16-Sep17 60 Socar Trading Mozyr Klaipedos Nafta Oct 16-Sep 17 VGO Tintrade Novopolotsk BLB Jun 16-Jun 17 30

Q&A

NCSP: upgrade will improve efficiency Novorossiysk Commercial Sea Port (NCSP), owns oil terminals at Novorossiysk on the Black Sea and the Baltic port of Primorsk. It is completing several infrastructure upgrade and expansion projects, and planning more. NCSP general director Sultan Batov described them in a recent interview with Argus. Edited highlights follow:

What is the status of NCSP’s upgrade and expansion at Novorossiysk’s IPP terminal to enable it to handle products supplied on river-sea tankers? Equipping IPP to accept river-sea vessels is in the middle of the last phase of implementation. Installation work is nearly finished and we should be ready to accept river volumes in May-June. Capacity at IPP is about 7mn t/yr and utilisation around 5mn t/yr, which means we can load extra volumes. We previously loaded just one diesel grade and throughput was higher. But now we load a wider range of cargoes, so we plan to expand IPP’s tank farm to enable loading of this range simultaneously. We aim to add at least another 100,000m³ of storage by late 2018.

Where will you place the new tanks, bearing in mind IPP’s restricted area? We are about to close a deal to buy the 225,000m² Novorossiysk railcar repair plant (NVRZ), adjacent to IPP, from Vagonremmash. In addition to the tank farm, we will build seven sidings, each able to hold 71 railcars, which will relieve pres- sure on the “Nizhny” goods yard and increase station capacity by about 4.5mn t/ yr. And we are considering construction of an edible-oils terminal within the area.

How about the expansion of approach capacity to Novorossiysk port? Several facilities are being built, including construction of sidings on the North Caucasus Railway and goods yard “B” at Novorossiysk railway station. This work is being carried out by Stroiinnovatsiya. Design and engineering was conducted in 2015-16, as well as laying of rail tracks, installation of power supply in goods yard B, expansion of the Tsemes river channel and construction of a rail bridge. We had planned to finish construction of some facilities in 2018, but they may be delayed. Some facilities may begin operation as soon as they are ready. Stroiinnovatsiya plans to complete construction of the rail section from the Kirillovsky checkpoint to the Nizhny yard by late 2018, adding 10mn t/yr to the station’s design capacity of 28mn t/yr. Available capacity is 37mn t/yr and is expected to reach 40mn t/yr this year, and completion of the second access track on the Kirillovsky-goods yard ‘B’ section will add a further 18mn t/yr. We will also refurbish rail infrastructure at the terminal, contributing to overall capacity at Novorossiysk rail station.

Why are loading volumes so much higher than the nominal capacity? It is all about traffic management. Over the past two years, we have developed a joint dispatching scheme with Russian Railways and increased transportation of dry cargo — the bulk of rail shipments — by more than 30pc. We plan to upgrade rail infrastructure to accept entire trains at NVRZ and at a planned all-purpose loading complex near the Novorossiysk ship repair yard, in which we bought a stake from Joint Shipbuilding last year. This will help to avoid breaking up trains at the station and significantly increase station and terminal capacity.

Does NMTP plan to build a rail approach to Primorsk port? It is possible. Port design consultancy Lenmorniiproekt has signed a declaration of intent to invest in construction of an all-purpose loading complex at Primorsk.

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Based on this, we are reviewing possible construction of a terminal for bulk cargoes and mineral fertilisers, but a final decision has yet to be made. Possible design capacity is in line with the maximum rail capacity of 12.7mn t/yr on the route. Without a guaranteed freight base, it does not make sense to build a rail line, but if there is a positive decision, construction may take about three years.

Crude and refined oil products accounted for nearly 77pc of NMTP’s group cargo turnover last year, unchanged from 2014-15. What changes do you expect in the long term? There is good reason why we specialise in oil loadings. The ports of Novorossiysk and Primorsk have the deepest marine terminals in the CIS and on the Baltic Sea. Water depth at Novorossiysk is 24m, allowing crude exports on 150,000t tankers. Primorsk’s water depth of 16-18m means cargoes can be exported on very large crude carriers — [conditional on them having] 15m draught enabling passage through the [Danish straits]. This has made these ports the main gateways for Russian crude and products exports. We believe that total loadings of crude and oil products will remain at the current level, with a slight reduction in crude and an increase in products. This reflects increased refining depth and growth in diesel exports. NCSP has surplus loading capacity for products at Novorossiysk and Primorsk. Expansion of the Sever pipeline will be completed this year, increasing diesel loading operations at Primorsk. And we are upgrading the Sheskharis oil harbour at Novorossiysk — under the Yug diesel [pipeline] project — which will help us increase product loading operations by 8.7mn t/yr.

What additional capacity does NCSP have at Primorsk? The two berths at Primorsk Trading Port loaded 75mn t of crude in 2009, but crude and products loadings at Primorsk were only 64.4mn t in 2016, through six berths. And we can now load 100,000t tankers for products export from berths 3 and 4, so we will have no problem whatsoever loading additional volumes.

Will damage to one of the berths at Primorsk in November last year jeopard- ise loading operations? The phasing-out of berth 1 will not affect our capabilities. As for repairs to the berth, there are still some outstanding issues with the parties responsible for the accident, which need to be settled. But design and engineering work is under way and the repairs should be finished by the end of 2018.

Russia’s federal antimonopoly service FAS says that NCSP set monopolistically high tariffs for cargo loading operations and that it is unhappy about rates being set in dollars. What is your reaction to this? The issue of switching from roubles to dollars is beyond the FAS’ remit — it is something for an economic entity — and under current legislation, there is nothing forbidding NCSP from setting tariffs in different currencies. Secondly, it was federal tariff service FST that set all our rates in dollars — and that agency is now part of the FAS. As for tariff growth, overall we have reduced tariffs rather than increasing them. Measures for regulating tariffs should be selective and should be taken only against companies that take advantage of their monopoly or dominant position in the market — we have neither. We disagree with FAS’ decision and NCSP plans to challenge it in court.

BALTIC STATES

Exports from Baltic states ’000t Baltic blending boom Port/Terminal/Product Jan-Mar Jan-Mar 16 In the face of declining clean products exports from Russia, oil terminals in the Baltic states are increasingly offering storage and blending services. Klaipeda Russian clean products exports through the Baltic states, including motor fuels Klaipedos Nafta and octane-enhancing components, fell by 28pc on the year to 4.57mn t in the 10ppm diesel 295.2 375.3 first quarter, because of unofficial restrictions imposed on shipments by Rus- Gasoline 461.9 664.6 sian Railways. But trading firms are keen to use spare storage capacity to blend Krovinu Terminalas gasoline and gasoline components from refineries in Russia, Belarus and Lithu- 10ppm diesel — 7.6 ania to meet specifications for export markets such as Europe, west Africa, Latin Gasoline 341.4 264.7 America and the US. Gasoil and diesel are blended to adjust sulphur content. High-octane components — 8.0 Trading firm Vitol is the largest supplier of blended export-grade gasoline, Naphtha 12.6 — mainly from its Ventspils Nafta (VN) terminal at Latvia’s Ventspils, but also from Paldiski Lithuania’s Klaipeda and Tallinn, Estonia. Vitol blends A-92 gasoline with high-oc- Alexela Logistics tane components supplied by sea to VN from other Baltic states’ terminals to pro- Gasoline 291.3 289.7 duce gasoline of different specifications. The trading company leases 46,000m³ Naphtha — 24.8 of capacity in four tanks at the nearby Ventall terminal for storing MTBE, market participants say, with blending taking place in the tanks of vessels loaded at VN. Riga Vitol buys 6,000-9,000 t/month of pyrolysis condensate on a spot basis from Naftimpeks trading company Coral Energy at the Pars terminal at Riga, Latvia, for supply to 10ppm diesel 186.4 949.3 Ventspils for blending with gasoline. The product comes from petrochemicals Gasoline 67.0 — producer Polimir — part of Naftan, operator of Belarus’ 220,000 b/d Novopolotsk OVI refinery. Vitol also butane to boost the octane rating of gasoline. Gasoil 28.0 8.0 At the Lithuanian port of Klaipeda, Vitol uses Kroviniu Terminalas to blend Pars T2 Belarusian gasoline bought on a spot basis with octane-enhancing components, Gasoil 138.3 140.5 including alkylate, reformate and pyrolysis condensate, which are supplied to Gasoline 118.9 226.0 Klaipeda from Riga. It then makes up 25,000-30,000t gasoline cargoes for export to Naphtha 8.6 56.6 Puerto Rico, Angola and Morocco. Vitol also supplies small seaborne cargoes of Be- Woodison larusian gasoline from Klaipeda to VN for blending with high-octane components. Gasoil — 33.2 Polish oil firm PKN Orlen subsidiary Orlen Lietuva supplies gasoline from PKN’s Jet-kerosine — 51.8 267,000 b/d Mazeikiai refinery in Lithuania through Klaipeda’s Klaipedos Nafta Ventspils terminal to Vitol and trading firm Trafigura. The latter ships Lithuanian gasoline mainly to the Alexela Logistics terminal at Paldiski, Estonia. Alexela Logistics has Ventspils Nafta four tanks with blending equipment and a total capacity of 60,000m³. Gasoil 1,524.8 1,676.3 The Vopak EOS terminal in Tallinn offers tanks for products blending. It has Gasoline 449.4 608.3 storage capacity for 130,000m³ of clean products and all tanks have blending Naphtha 143.4 325.2 equipment. Vitol is the main gasoline-exporting customer for terminal, supplying Ventamonjaks product to VN for blending and export to west Africa. Gasoline 48.6 208.4 High-octane components 3.0 47.2 Suppliers and buyers Naphtha — 20.0 In addition to Polimir, sellers of blending components include Belarus’ 323,000 Ventbunkers b/d Mozyr refinery, which supplies alkylate. Bashneft ships alkylate from its Gasoil 360.1 237.9 140,000 b/d Novoil refinery to Riga and Klaipeda, while Russian petrochemicals Tallinn firm Sibur supplies MTBE to Vitol at Ventall and small amounts to Paldiski. Trafig- Vopak EOS ura buys reformate from Shell’s 70,000 b/d Fredericia refinery in Denmark for use Gasoline 35.0 33.0 at Paldiski and imports alkylate and toluene from Sweden and the Netherlands. High-octane components 35.0 11.0 Blending of gasoil to adjust sulphur content is often done in vessel tanks, because not all Baltic terminals have licences for blending. The main export Gasoil 29.9 43.0 destinations for gasoil are Rotterdam, which receives 10ppm sulphur diesel, Latin Pakterminal America which takes 350ppm and 10ppm fuel, and west Africa, which receives Gasoil — 34.5 10ppm, 50ppm and 0.1pc product, traders say. Flash point is also a factor, with a Gasoline — 31.3 minimum of 62°С for exports to Africa and 55°С for Europe. Wax anti-settling ad- Total 4,578.7 6,376.1 ditive is often added to product destined for Germany, particularly in winter.

Dirty PRODUCTS EXPORTS

VGO drives 1Q rise

Dirty product exports ’000t Russian exports of fuel oil and vacuum gasoil (VGO) hit 17mn t in the first quarter, an increase of 1.64mn t against the same period last year. The rise was a result of Jan-Mar Jan-Mar 16 a more favourable tax environment and increased VGO production. Fuel oil 12,672.3 12,313.3 The base export duty on dirty products fell slightly at the start of this year, VGO 4,320.0 3,041.4 following a reduction in the tax rate for crude, against which rates for other Total 16,992.3 15,354.7 products are calculated. Meanwhile, Russian VGO output was 24pc higher on the year at 7.8mn t in the first quarter. Fuel oil exports through Russia’s northwest ports rose by 200,000t on the year to 6.5mn t in January-March, according to rail freight forwarding companies. The main suppliers through these outlets are Lukoil, Gazpromneft and Slavneft, which ship 2-3pc sulphur cracked product to the bunker fuel market in northwest Europe and for blending. Surgutneftegaz is the only company supplying straight-run product. Fuel oil is sold mainly under long-term contracts, with the biggest buyers including Total and trading companies Crudex and Gunvor. Exports of fuel oil from Black Sea ports grew by 1.3mn t on the year to 5.53mn t in the first quarter, because of higher supplies from Yug Rusi’s 50,000 b/d Novo- shakhtinsk refinery to Taman and through floating storage tankers in the Kerch strait. The leading Black Sea fuel oil exporters are Rosneft, Kuban Oil and Gas (KNGK), Neftegazindustriya and Yug Rusi, which ship mainly low-sulphur (1-1.2pc) and high-sulphur (1.7-2.5pc) straight-run product. VGO exports through Black Sea ports rose by 100,000t to 2mn t in the first quarter. One of the main exporters is Yug Rusi, which supplies Novoshakhtinsk product through Taman to trading companies Glencore, Coral Energy and Exmore, and through the Sanar-7 floating storage tanker in the Kerch strait. Rosneft’s 240,000 b/d Tuapse refinery is the second-largest Black Sea VGO supplier and the company increased exports through its terminal at the port of

Fuel oil exports by route Russian fuel oil exports ’000t mn t Supplier 1Q 1Q16 Supplier 1Q 1Q16 5

4 Kirishi refinery 1,790.0 1,775.1 No data 181.1 159.0 Jan-Mar 16 Jan-Mar 17 3 Ryazan refinery 1,253.2 1,163.3 Ukhta refinery 163.4 122.6

2 Novoshakhtinsky refinery* 1,192.0 601.0 Mari-el refinery 160.0 163.0

1 Yaroslavl refinery 917.8 875.6 Perm refinery 97.3 114.7

0 Tuapse refinery 852.9 568.0 Angarsk refinery 96.1 405.0 Afipsky refinery 636.0 638.9 Salavat refinery 79.5 — Nizhny Novgorod refinery 602.8 616.5 Antipinsky refinery 70.0 712.5 Taif refinery 517.9 108.7 Volgograd refinery 41.3 Novokuibyshev refinery 478.8 403.8 Astrakhan GPP 25.6 80.8 Kuibyshev refinery 416.1 503.9 Yaisky refinery 24.9 40.1 Achinsk refinery 396.2 493.1 Ufaneftekhim 24.6 — Ilsky refinery 364.1 290.9 Khabarovsk refinery 15.3 50.5 Omsk refinery 332.9 196.7 Komsomolsk refinery 14.4 469.4 Slavyansk-Eco refinery 285.8 127.7 Anzhersky refinery 10.0 — Syzran refinery 266.5 321.8 Novokuibyshevskaya Petchem 8.0 0.1 Saratov refinery 261.5 184.8 Piter 8.0 — Ufa refinery 250.2 70.8 Kaspiy-1 2.3 — Novatek 224.0 266.0 Soyuzneftegaz 1.9 — Orsk refinery 220.3 38.8 Taneko refinery — 103.4 Krasnodar refinery 201.0 150.8 Total 12,672.3 12,313.3 Moscow refinery 188.5 496.1 — freight forwarding firms, energy ministry, *customs

Dirty PRODUCTS EXPORTS

Tuapse by 255,000t on the year to 469,000t in January-March. Rosneft supplies product from the Tuapse plant mainly under long-term contracts, with BP the buyer this year, according to market participants. New Stream increased VGO exports to 723,000t in January-March from 161,600t in the first quarter 2016, following the start-up of a 3mn t/yr vacuum distillation unit (VDU) at its 180,000 b/d Antipinsky refinery last year. At the VGO exports by route same time it reduced fuel oil shipments to 230,000t from 875,000t, switching to mn t exports of cracked product from straight-run previously. 1.2 Neftegazindustriya plans to start producing VGO in April-June after commis- 1.0 Jan-Mar 16 Jan-Mar 17 0.8 sioning a VDU at its 90,000 b/d Afipsky refinery this month. Once the unit is up 0.6 and running, Neftegazindustriya will stop producing and exporting straight-run 0.4 fuel oil, switching to cracked fuel oil production. 0.2 Taif’s 160,000 b/d refinery in Nizhnekamsk will stop producing and export- 0.0 ing VGO and increase diesel output in the second quarter, after commissioning a 1mn t/yr VGO hydrocracking unit. The unit is being built along with a 2.7mn t/yr vacuum residue hydrocracking unit.

Russian VGO exporters ’000t Supplier 1Q 1Q16 Rising prices

Antipinsky refinery 496.3 77.4 First-quarter 1pc sulphur cracked fuel oil prices were well up on the year, because of higher crude prices. Prices for 1pc fuel oil averaged $316.70/t on a fob Mediter- Tuapse refinery 469.2 213.8 ranean ports basis in January-March, up from $141.20/t a year earlier, while aver- Volgograd refinery 426.6 619.7 age prices in northwest Europe of $305.30/t fob, were up from $139.50/t. Komsomolsky refinery 373.7 124.8 Straight-run fuel oil margins ranged between -$9/bl and -$6.50/bl at the Saratov refinery 330.9 293.0 end of the first quarter, compared with -$11.50/bl in January-March 2016. Novoshakhtinsk refinery 587.8 465.5 Margins are now -$9/bl for product with sulphur content of 1pc and more, and Mari-el refinery 227.3 84.8 -$6.50/bl for product with sulphur content below 1pc. Moscow refinery 211.1 21.9 Israeli refiner ORL bought fuel oil from KNGK’s 60,000 b/d Ilsky refinery in Taif refinery 182.1 131.1 January-March at a $21/t premium to fob Mediterranean 1pc fuel oil prices, Achinsk refinery 176.3 171.0 market participants say — $14/t less than trading firms Sonact and Galaxy were Orsk refinery 167.1 267.6 paying in the fourth quarter of last year. Ryazan refinery 114.5 172.6 Trading company Petraco paid a $5.50/bl discount to benchmark North Sea Angarsk refinery 96.6 45.9 Dated crude for 1.2pc fuel oil from Neftegazindustriya’s Afipsky refinery on a Taneko refinery 82.7 34.5 fob Novorossiysk basis in April, according to traders. At a tender for fuel oil Krasnodar refinery 81.0 — exports in the first quarter, Neftegazindustriya invited bidders to make offers Syzran refinery 79.2 4.0 against fob Mediterranean 1pc fuel oil prices and Petraco received the right to No data 74.4 40.4 buy at a $14/t premium, traders say. Salavat refinery 53.4 100.1 Prices for 2pc sulphur VGO averaged about $305/t fob northwest Europe in Novokuibyshev refinery 32.4 60.5 January-March, compared with $140/t in the same period last year. Mediterra- Ukhta refinery 29.6 25.4 nean 2pc sulphur VGO prices averaged $368.30/t fob in the first three months Perm refinery 13.1 62.7 of this year, up from $221.40/t in first quarter of 2016. Omsk refinery 12.9 — Black Sea VGO reached a $13-14/t fob premium to the price of 2pc prod- Novoil refinery 1.6 — uct in northwest Europe in January-March, traders say. Litasco bought up to Novokuibyshevskaya Petchem 0.1 0.1 33,000t of product from Rosneft’s 200,000 b/d Syzran refinery at this price in Astrakhan GPP — 0.1 February, according to market participants. Kuibyshev refinery — 24.4 The results of the tender for export of “hydrocarbon mixture for cold metal processing” — a product similar to VGO — from the Novoshakhtinsk refinery Total 4,320.0 3,041.4 were revealed last week. Azerbaijan’s Socar Trading can buy up to 300,000t of — freight forwarding firms, energy ministry, customs the product at a 50¢/bl discount to North Sea Dated, traders say. The product will be supplied on a fob basis from the Sanar-7 floating storage tanker in the Kerch strait in April-July.

gasoil and diesel EXPORTS

Black Sea loadings rise

Russian gasoil/diesel exports ’000t Gasoil and diesel exports from Russian refineries rose by 10pc compared with Delivery method/ first-quarter 2016 to 13.92mn t in January-March, because of higher production 1Q 1 Q 1 6 ±% Producer and lower domestic demand. Most of the growth came from an increase in shipments from the Black Sea. Rail 6,346.6 5,780.5 11.0 Supplies of 5.57mn t through Russia’s northwest ports — mainly 10ppm sulphur Pipeline 6,358.8 6,143.0 4.7 diesel being shipped through Primorsk and Vysotsk — were almost unchanged Novatek terminal, 144.0 132.0 10.3 Ust-Luga against January-March last year. Exports of 10ppm diesel from the Baltic port of Novoshakhtinsk Primorsk, Russia’s main outlet for the product, were stable compared with the 281.1 273.9 3.8 refinery same period last year at 3.86mn t, according to shipping data — rising by 0.3pc on RN-Tuapseneft- 794.2 448.8 78.9 a daily average basis (see table). produkt terminal Trading companies Gunvor and Glencore have increased their diesel purchases Total 13,924.7 12,778.1 10.2 at Primorsk this year, after receiving the right to buy up to 3mn t of low-sulphur Changes based on daily average shipments product from Surgutneftegaz’s 350,000 b/d Kirishi refinery at a December tender. — energy ministry, rail freight forwarding firms, Glencore has been exporting Kirishi diesel since April last year, while Gunvor market participants signed its first direct contract in recent years for Primorsk diesel with Surgut- neftegaz. The oil company started holding open tenders in March 2016 for diesel Primorsk diesel exports ’000t exports from Kirishi. Trading firm Crudex was the previous buyer, taking the Company 1Q 1 Q 1 6 ±% product under a long-term contract with Surgutex, the Kirishi refinery’s trading arm, market participants say. Gazpromneft 517.5 516.4 1.3 Pipeline diesel supplies from Kirishi to Primorsk fell by 1.3pc on the year to Lukoil 402.3 616.7 -34.0 1.32mn t in the first quarter, most of which went to the German port of Hamburg. Rosneft 896.5 711.9 27.3 But supplies to Poland from Kirishi have risen this year, with 304,800t of product Surgutneftegaz 1,319.6 1,352.4 -1.3 shipped from Primorsk to the ports of Gdansk and Gdynia in January-March, com- Taif 399.0 359.7 12.2 pared with just 52,000t in the same period of 2016. Polish oil company PKN Orlen New Stream 329.4 339.6 -1.9 was the main importer.

Total 3,864.2 3,896.7 0.3 Rosneft’s diesel supplies from Primorsk were 27pc higher in January-March than in the same period last year at 896,500t. Its key exporters this year are Changes based on daily average shipments trading firms Petrocas Energy, Vitol, Trafigura and Glencore, shipping data show. — shipping data The oil company increased supplies to Primorsk from Bashneft’s Ufa refineries by 120,600t compared with first-quarter 2016 to 258,300t — Rosneft took control of Bashneft late last year. It stopped pipeline shipments to Bryansk, western Rus- sia, for onward rail transportation to the Latvian port of Ventspils in December. Lukoil’s exports of low-sulphur diesel from Primorsk dropped by just over a third on the year to 402,300t, as it increased pipeline supplies to its own terminal at nearby Vysotsk on the Baltic Sea. First-quarter supplies to Vysotsk were 545,100t, compared with 149,700t in the same period of 2016. Pipeline diesel deliveries to Vysotsk began in February last year. Primorsk loadings of diesel from New Stream’s 180,000 b/d Antipinsky refinery of 329,400t in January-March were down slightly against the same period in 2016. Glencore, Gunvor, Total and Trafigura bought Antipinsky diesel at the port in the first quarter, according to shipping data.

Shipments through Baltic states slump Shipments of Russian gasoil and diesel from ports in the Baltic states dropped by more than a quarter compared with January-March last year to 2.56mn t, after supplies were diverted to Russian ports. Exports through the Latvian ports of Riga and Ventspils — the main outlets for Russian gasoil and diesel in the Baltic states — fell by 832,000t on the year to 2.2mn t in the first quarter. The drop was mainly because of lower supplies through Riga’s Naftimpeks terminal, which were down by 80pc to 186,000t in January-March, following the expiry of a contract with Lukoil trading arm Litasco.

gasoil and diesel EXPORTS

Baltic states gasoil/diesel loadings ’000t Litasco had been supplying various grades of gasoil through Naftimpeks since 2013, mostly from Bashneft’s Ufa group of refineries. But following the Rosneft Terminal 1Q 1 Q 1 6 ±% takeover in October, 10ppm diesel from the three Ufa plants was diverted to the Vopak EOS 30.0 78.0 -61.1 Ventspils Nafta terminal by pipeline for supply to Vitol. Naftimpeks 186.0 947.0 -80.1 Estonian trading firm Tintrade signed an agreement with Naftimpeks in

Pars Terminals 166.0 166.0 1.1 December for loading of clean products supplies at the terminal on a spot basis

Woodison Terminal 0.0 33.0 - until January 2018 — although this is not a binding contract, according to market participants. Tintrade leases a 20,000m³ storage tank at the Riga terminal and Ventspils Nafta 1,656.0 1,670.0 0.3 Terminals exported 1pc sulphur gasoil produced by Tatneft’s 140,000 b/d Taneko refinery in

Ventbunkers 224.0 248.0 -8.7 Nizhnekamsk through Naftimpeks in the first quarter. Tintrade re-sells product to Shell trading arm Stasco. Klaipedos Nafta 295.0 368.0 -18.9 The Ventbunkers terminal at Ventspils extended a contract with Vitol in March Kroviniu Terminalas 0.0 8.0 -100.0 for the lease of diesel storage tanks until January next year. The trading company Total 2,557.0 3,518.0 -26.5 is using eight tanks with combined storage capacity of 140,000m³ this year — it Changes based on daily average shipments leased 10 Ventbunkers tanks with total capacity of 180,000m³ in 2016. Vitol exported 0.1pc sulphur gasoil from Bashneft’s 140,000 b/d Novoil refinery, Gazprom- Baltic states gasoil/diesel buyers ’000t neft’s 240,000 b/d Moscow plant and Gazprom’s 254,000 b/d Salavat refinery Port/buyer 1Q through Ventspils in January-March. Tintrade is also leasing storage at Ventbunkers — two tanks with a combined Tallinn (Muuga) capacity of 40,000m³. The company started shipping 6,500t cargoes of Russian Tintrade 21.0 low-viscosity marine gasoil to Ventbunkers in April from its BLB Baltijas Terminals Glencore 9.0 loading complex in Riga. Riga First-quarter loadings of 10ppm diesel at the Lithuanian port of Klaipeda fell Stasco 142.0 by 19pc year on year to 295,000t, after PKN Orlen became the main buyer of the Litasco 100.0 product at the Klaipedos Nafta terminal. Diesel produced at PKN Orlen’s 267,000

Glencore 58.0 b/d Mazeikiai refinery in Lithuania was mainly sold to Gunvor in January-March last year, which supplied the product to northwest Europe. But PKN Orlen sup- Vitol 30.0 plies most Mazeikiai 10ppm to the Polish market. Tintrade 22.0 Loadings of Russian gasoil and diesel at Estonia’s Vopak EOS terminal dropped Ventspils by almost two-thirds to just 30,000t, because of unofficial restrictions on rail de- Vitol 1,868.0 liveries from Russia to Estonian ports since May last year. The Taneko and Salavat Oktan Energy 12.0 refineries shipped 77,000t of diesel to Tallinn’s Muuga oil harbour in first-quarter Klaipeda 2016, but there were no deliveries in January-March this year. Tintrade now

PKN Orlen 245.0 leases storage tanks at Muuga to stockpile product delivered from Riga.

Gunvor 28.0 Black Sea surge Glencore 22.0 Loadings of gasoil and diesel at Russia’s Black Sea and Azov Sea ports grew by 32pc compared with a year earlier to 4.06mn t in January-March. The Black Sea port of Tuapse registered the highest exports, with shipments through Rosneft’s terminal rising by 57pc to 1.41mn t as a result of higher production from the company’s 240,000 b/d Tuapse refinery. Forteinvest also exports 0.25pc sulphur gasoil from its 62,000 b/d Krasnodar plant through Tuapse. Rosneft has an annual contract with trading company Cetracore Energy for 0.75pc sulphur gasoil. Cetracore supplies this product to Petrocas Energy — in which Rosneft has a 49pc shareholding — which delivers it to refineries in Greece for further processing.

Ukraine deliveries up Russian supplies of 10ppm diesel by pipeline to Ukraine reached 312,700t in Janu- ary-March — there were no shipments in first-quarter 2016. Deliveries resumed in May last year after being suspended in mid-2014. Trading company Proton Energy buys Russian diesel exported by pipeline to Ukraine.

light distillate EXPORTS

Naphtha up, gasoline down

Naphtha exports by route ’000t Russian rail supplies of naphtha and gasoline for export fell slightly on the year to Jan-Mar a combined 7.75mn t in January-March, because of lower production. Jan-Mar ±% 2016 Naphtha shipments increased by 4.7pc compared with first-quarter 2016 to 6.69mn t. Most of the increase was from Russian Black Sea outlets, where deliver- Ust-Luga 2,185.4 2,303.1 -4.1 ies were up by 15.5pc to 2.17mn t in January-March, mainly because of the start Tuapse 973.0 1,367.6 -28.1 of naphtha supplies through Novorossiysk last year. Naphtha deliveries by rail to Vysotsk 499.9 528.0 -4.3 Novorossiysk reached 309,200t in the first three months of this year, compared Taman 475.5 435.1 10.5 with none in the same period of 2016. Riga 381.1 17.4 2,118.6 The IPP terminal at Novorossiysk started loading naphtha in August, after Murmansk 364.3 257.8 42.9 converting part of its tankfarm to handle the product — it previously loaded only Novorossiysk 309.2 -- gasoil and diesel. The key suppliers of naphtha to IPP in January-March were the 70,000 b/d Slavyansk-Eco refinery, Kuban Oil and Gas’ 60,000 b/d Ilsky plant and Rostov (floating) 116.7 15.8 646.8 Neftekhimservis’ 60,000 b/d Yaisky refinery. Buyers at the terminal included trad- Ventspils 221.5 4 45.1 -49.7 ing companies Vitol, Coral Energy and Concept Oil, as well as Russian oil company Vostochny 208.3 234.8 -10.3 Lukoil’s trading arm, Litasco. Arkhangelsk 149.8 178.6 -15.2 Lukoil’s 290,000 b/d Volgograd refinery started delivering naphtha to IPP for Azov 285.7 81.3 255.3 Coral Energy in January. Supplies rose following the start-up of a catalytic crack- Finland 101.9 73.2 40.7 ing unit at Volgograd, market participants say. Vanino 85.2 190.9 -54.9 Naphtha exports through the Black Sea port of Taman grew by 10.5pc on the Nakhodka 63.1 38.5 65.8 year to 475,500t in the first quarter, because of higher supplies of the product from Neftegazindustriya’s 90,000 b/d Afipsky refinery and Tatneft’s 140,000 b/d Baltiysk 38.1 13.6 182.0 Taneko plant in Nizhnekamsk. But Yug Rusi’s 100,000 b/d Novoshakhtinsk refinery Klaipeda 36.8 -- has stopped supplying naphtha to the port for trading firm Glencore this year. It Uzbekistan 30.0 10.3 192.9 has switched to exporting the product mainly through the Azov Sea port of Azov Latvia 29.9 32.8 -7.8 — from floating storage tankers in the Kerch Strait. Liepaja 25.8 -- Black Sea naphtha exports head to Turkey, Italy and France for further refin- Paldiski 23.2 27.1 -13.3 ery processing. The product is also delivered to Malta, where larger cargoes are Belarus 22.7 96.0 -76.1 accumulated for export to Asia-Pacific where naphtha is used as a feedstock by petrochemicals producers. And larger 85,000-90,000t cargoes are exported direct Svetly 17.5 19.6 -9.8 from Taman and Tuapse to China, Singapore and South Korea — mainly by trading Mongolia 14.4 1.8 724.9 company Trafigura, according to shipping agents. Kavkaz 11.4 -- Naphtha supplies to Russian Baltic Sea ports and outlets in the far north of the Muuga 7.7 85.6 -90.9 country grew by 3.2pc compared with January-March last year to 3.98mn t in the Sillamae 5.4 0.1 4,026.3 first quarter. The product is exported mainly through the Baltic ports of Ust-Luga Lithuania 2.4 -- and Vysotsk, but also from Murmansk on the Barents Sea, and heads to Rotterdam Kazakhstan 0.2 0.1 106.5 and Norway. In Rotterdam, larger cargoes are accumulated for onward shipment Kyrgyzstan 0.1 -- to Asia-Pacific, while Norwegian refineries use Russian product as a feedstock. Russian naphtha supplies to Latvian, Lithuanian and Estonian ports, are mainly Ukraine 0.1 2.0 -97.5 for blending with high-octane components and gasoline to produce export-grade Total 6,686.2 6,456.4 4.7 gasoline for west Africa and Latin America, according to market participants.

Gasoline decline Russian rail supplies of gasoline for export dropped by almost a quarter compared with the first three months of last year to 1.07mn t in January-March, according

Russian naphtha and gasoline exports ’000t Jan-Mar Jan-Mar 2016 ±%

Naphtha 6,686.2 6,456.4 4.7 Gasoline 1,067.2 1,431.9 -24.6 Total 7,753.5 7,888.3 -0.6

light distillate EXPORTS

Gasoline exports by route ’000t to rail freight forwarding companies. Terminals at Russia’s northwest ports are Jan-Mar the key outlets for gasoline exports. Jan-Mar ±% 2016 Ust-Luga shipped 325,000t of the product in January-March, compared with 340,000t over the same period of last year — down by more than 3pc. And Rus- Ust-Luga 325.0 340.0 -3.3 sian gasoline deliveries by rail to ports in the Baltic states were just 24,000t in Kazakhstan 305.1 234.1 31.8 the first quarter, compared with 461,500t a year earlier, because of unofficial Kyrgyzstan 114.5 108.8 6.4 restrictions imposed by Russian Railways. Mongolia 91.4 95.5 -3.3 Surgutneftegaz is the only supplier of gasoline to Ust-Luga, shipping 0.1pc Tajikistan 48.4 42.6 15.1 sulphur A-76 product from its 350,000 b/d Kirishi refinery, which is unsuitable for Georgia 45.7 24.6 88.0 sale in the Russian market on quality grounds. Trading firm Gunvor is buying this Afghanistan 37.9 39.2 -2.2 product in April-December following a recent tender, market participants say — and is expected to take up to 1mn t over the period. Belarus 31.6 30.3 5.6 The rest of Russia’s gasoline exports head by rail to central Asia and Mongolia, Ventspils 24.6 381.6 -93.5 with Kazakhstan and Kyrgyzstan the biggest importers. Gasoline supplies to the Temryuk 16.2 6.5 151.7 domestic market were down by 0.2pc against the same period last year at 6.8mn Caucasus 14.3 15.2 -4.5 t in the first quarter, according to freight forwarding companies. Vostochny 11.2 0.0 - South Ossetia 0.6 0.8 -18.3 Jet fuel diverted to Russian ports Azerbaijan 0.5 0.0 - Rail shipments of Russian jet fuel for export fell slightly on the year to 526,000t Uzbekistan 0.1 0.1 102.2 in January-March, from 532,900t in first-quarter 2016. The majority of shipments were by independent gas producer Novatek, which loads the product at its Armenia 0.0 0.2 - Ust-Luga terminal. And the PNT oil terminal at St Petersburg, on the Baltic Sea, Vanino 0.0 25.7 - exported 35,000t of jet fuel in January-March, having loaded none in the same Kaliningrad 0.0 6.8 - period last year Muuga 0.0 16.2 - Surgutneftegaz started rail deliveries of the product to PNT at the end of Riga 0.0 63.7 - January, according to freight forwarding companies. BP buys jet fuel at St Pe- Total 1,067.2 1,431.9 -24.6 tersburg, traders say. Surgutneftegaz supplied the product to Vitol through the Latvian port of Ventspils in June-December 2016, and previously shipped jet fuel through Riga in Latvia to Gunvor and Vitol. The oil company started shipping jet fuel to St Petersburg because of unofficial restrictions on rail supplies to ports in the Baltic states, according to market participants.

Jet fuel exports by route ’000t Russian jet-kerosine exporters ’000t Jan-Mar Jan-Mar ±% Jan-Mar Jan-Mar 16 ±% 2016

Ust-Luga 304.0 297.0 3.5 Novatek 304.0 297.0 3.5

Kazakhstan 78.3 70.7 11.9 Omsk refinery 70.5 37.2 91.9

St Petersburg 35.0 0.0 - Taif refinery 44.3 46.4 -3.5

Arkhangelsk 30.8 39.8 -21.7 Kirishi refinery 35.0 15.0 135.7

Kyrgyzstan 25.3 18.6 37.3 Orsk refinery 22.8 51.5 -55.3

Mongolia 20.8 8.4 150.3 Volgograd refinery 14.9 7.4 104.3

Afghanistan 9.4 12.0 -20.8 Nizhny Novgorod refinery 9.4 58.8 -83.8 Finland 8.2 0.0 - Taneko refinery 7.8 0.0 - Tajikistan 8.2 13.8 -40.3 Angarsk Refinery 6.6 5.2 29.2 Moldova 6.0 3.9 55.6 Novokuibyshev refinery 6.0 6.3 -3.4 Georgia 0.0 0.1 - No data 4.1 8.3 -50.4 Riga 0.0 65.4 - Krasnodar refinery 0.7 0.0 - Uzbekistan 0.0 3.0 - Total 526.0 532.9 -0.2 Total 526.0 532.9 -0.2

Far east PRODUCTS EXPORTS

Fuel oil slumps, VGO rises

Deliveries to far east ports ’000t Rail deliveries of Russian products to the country’s far east ports for export fell by 7pc on the year to 2.08mn t in January-March. Refineries cut fuel oil supplies, Port/Product 1Q 1Q 16 ±% but boosted vacuum gasoil (VGO) shipments as a result of higher production. Vanino Exports through Rosneft’s RN-Nakhodkanefteprodukt terminal at the port of Gasoline — 25.7 na Nakhodka fell by a third to 959,800t in the first quarter because of lower fuel VGO 388.3 159.5 146.2 oil supplies from Rosneft’s eastern refineries see( table). The firm shipped just Naphtha 85.2 190.9 -54.9 134,500t of fuel oil to Nakhodka in January-March, compared with 624,800t a year earlier, as its increased refining depth led to higher VGO production. Vanino total 473.5 376.1 27.3 Most Rosneft fuel oil exported through Russia’s far east ports has headed to Vostochny the US this year — shipments went mainly to China in 2016. Trading firm Trafigura Gasoline 11.2 — na is the buyer in 2017, with the right to take up to 2.2mn t, market participants say. Gasoil — 10.3 na And it has a contract to buy up to 100,000t from Rosneft’s 268,000 b/d Angarsk Naphtha 208.3 234.8 -10.3 and 120,000 b/d Komsomolsk refineries at the port in April-May, following a March Vostochny total 219.5 245.1 -9.4 tender. The trading firm also buys Rosneft gasoil at Nakhodka — first-quarter sup- Nakhodka plies were little changed year on year at 754,300t. RN-Nakhodkanefteprodukt started loading naphtha in January last year and Gasoil 754.3 728.4 4.7 supplies to the terminal rose by 66pc on the year to 63,100t in January-March. Fuel oil 142.4 688.0 -79.1 Rosneft’s 130,000 b/d Achinsk refinery is the main naphtha supplier, with Trafigu- Naphtha 63.1 38.5 65.7 ra the buyer — Azeri Socar Trading bought the product last year. Nakhodka total 959.8 1,454.9 -33.3 Naphtha supplies to Vostochny fell by 10pc to 208,300t in January-March, Slavyanka because of lower supplies from Angarsk. Japan’s JX Nippon Oil and Energy buys Gasoil 210.5 23.4 809.5 naphtha at the port under a long-term contract. Rosneft resumed gasoline sup- VGO 101.4 — na plies to Vostochny in February, shipping 8,900t from Angarsk — the first deliveries from the refinery since December 2015. Singapore-based trading firm Daxin Fuel oil 113.5 163.4 -29.8 Petroleum bought the product on a cpt Vostochny basis in February. Slavyanka total 425.4 186.8 130.2 Overall products supplies to Slavyanka for export rose by 130pc on the year to Grand total 2,078.2 2,262.9 -7.1 425,400t in the first three months of 2017. Rosneft started shipping VGO through — rail freight forwarding companies the Vostokbunker terminal at the port in November, as output at its eastern refineries rose. The terminal previously loaded only fuel oil and low-viscosity marine gasoil (MGO). Trafigura is buying Rosneft VGO at Slavyanka this year, while trading firm Verum Plus was the buyer in November-December. Deliveries of low-viscosity MGO to Slavyanka reached 210,500t in January- March up from just 23,400t a year earlier, with Angarsk the key supplier. Ros- neft resumed exports through the port in February 2016, after Russian Railways imposed restrictions on products supplies to Nakhodka. Daxin is buying Angarsk low-viscosity MGO this year, winning a December tender for up to 500,000t. Russian trading firm PMG will buy up to 200,000t of low-viscosity MGO from Angarsk on fob Slavyanka basis in April-December, following a Rosneft tender in late March, market participants say. PMG held a contract to buy of up to 70,000t of the product in November-December.

VGO boosts Vanino Total products supply to Vanino grew by 27pc to 473,500t in January-March, as a result of higher VGO supplies from Rosneft’s Komsomolsk refinery. Trafigura is buying VGO at Vanino this year, as it did in 2016. PMG had the right to buy product from Rosneft’s eastern refineries in November-December, market participants say. Naphtha deliveries to Vanino dropped by 55pc on the year to 85,200t in January-March. Neftekhimservice, the main naphtha supplier to the port, reduced shipments from its 60,000 b/d Yaisky refinery in 2016 — diverting some product to the Baltic port of Ust-Luga and some to Novorossiysk on the Black Sea, supplying the product to trading firms Concept Oil and Coral Energy, respectively.

LONG-HAUL FUEL OIL EXPORTS

Eastbound fuel oil surge Long-haul shipments of fuel oil from Europe to Asia-Pacific surged by 42pc on a daily average basis to 1.58mn t in April compared with the previous month. Exports had fallen sharply in March, but rebounded last month because of improved economics for eastbound shipments. Long-haul fuel oil exports heading to Asia-Pacific from Europe were 30pc higher than a year earlier at 7.20mn t in the first four months of this year see( table). Four very large crude carriers (VLCCs) loaded with fuel oil departed from the port of Rotterdam for Asia-Pacific last month, compared with two in March see( table). The premium of Singapore second-month 380cst swaps to high-sulphur fuel oil cargo prices in northwest Europe averaged $49.24/t in April, up from $37.72/t the previous month. And VLCC rates on the Rotterdam-Singapore route had dropped to $3.2mn by the end of March from $3.6mn-3.7mn earlier in the month — although they rebounded to nearly $4mn by the end of April. Fuel oil refining margins strengthened in Europe as increased exports from the region reduced local availability of high-sulphur product. Barge prices for high- sulphur standard finished bunker grade RMG fuel oil averaged a discount of $6.12/ bl to Urals crude cif northwest Europe last month, compared with an average discount of $6.48/bl in March. Westbound shipments of straight-run fuel oil from Europe declined by 22pc on a daily average basis to 275,000t in April compared with March. Transatlantic exports were down by 48pc compared with the same period last year at 1.33mn t in January-April. BP shipped 55,000t — probably low-sulphur straight-run fuel oil — from Alge- ria’s Skikda terminal to the US east coast last month. But Algerian state-owned Sonatrach started maintenance at its 350,000 b/d Skikda refinery in mid-April, reducing output of straight-run product.

Eastbound/westbound long-haul fuel oil exports ’000t April ±% Mar Jan-Apr ±% Jan-Apr 16

Eastbound 1,583 42.0 7,199 30.0

Westbound 275 -22.0 1,333 -48.0

Total 1,858 26.0 8,532 5.0

Long-haul fuel oil exports, Apr ’000t Date Charterer Origin Destination Vessel Vol.

1 Vitol Rotterdam Singapore Atlantic Pioneer 270

3 na Rotterdam Singapore Advantage Start 130

5 Glencore Taman Singapore Tahoe Spirit 113

6 Litasco Ust-Luga Galveston Cap Charles 130

6 Vitol Rotterdam Lome Amazon 130

9 Koch Rotterdam Singapore Maran Athena 270

16 Total Rotterdam Singapore Eagle San Diego 130

18 BP Skikda New York Johann Jacob 55

22 Litasco Tallinn US Gulf Minerva Eleonora 90

23 Koch Rotterdam Singapore Yuan Hua Hu 270

25 Glencore Taman Singapore Episkopi 130

29 Vitol Rotterdam Singapore New Energy 270

in brief

Transneft hikes Ust-Luga line capacity Capacity on the crude pipeline to Russia’s Ust-Luga terminal on the Baltic Sea has been increased by 6mn t/yr to 36mn t/yr (720,000 b/d), pipeline operator Transneft said this week. Ust-Luga has crude capacity of 38mn t/yr, although only 30.1mn t was loaded in 2016, up from 26.8mn t a year earlier. Pipeline supplies to Ust-Luga in 2017 were scheduled at last year’s level, Transneft said in January, but first-quarter exports from the port grew by 9.3pc to 8mn t, compared with January-March 2016. Transneft started work on the Ust-Luga line in August and the expansion was achieved by making it possible to inject drag-reducing addi- tives to the crude flow near the Unecha dispatching station in Bryansk region. Transneft plans to reduce crude supplies to the Baltic port of Primorsk by 50pc to 44mn t this year, while it converts part of Baltic Pipeline System to handle diesel.

FGK stocks up on tankcars State-owned Russian Railways subsidiary Federal Freight (FGK) is continuing to expand its fleet of oil tankcars. The company is to lease 1,500 tankcars through an agreement with Rail Trans — part of private-sector operator Rail Garant — which won an FGK tender with an offer of Rbs6.31bn ($109mn), Rbs1mn below the starting price. FGK does not plan to make a prepayment and can end the leasing agreement at any time without incurring penalties. And it has the right to buy the tankcars earlier than envisaged in the contract. FGK is leasing the tankcars to expand its overall business, rather than for a particular project, it says. FGK has signed a separate agreement on strategic co-operation with leasing company Transfin-M, including tankcars, open wagons, goods wagons and flatcars. Transfin- M owns 5,000 oil tankcars, some of which are already leased to FGK, which now operates around 13,700 tankcars, having expanded its fleet rapidly from just 4,300 at the end of 2015. The company plans to expand its tankcars fleet to 25,000 and become one Russia’s top-three operators.

Babayev leaves Russian Railways Russian Railways (RZD) vice-president Salman Babayev retired on 4 May. Babayev, 61, was a prominent member of the team of former RZD president Vladimir Yakunin, who was replaced by Oleg Belozerov in August 2015. Babayev became the firm’s vice-president in 2003 and was general director of subsidiary First Freight in 2007-11. He took up the post of RZD commercial vice-president in March 2011, and from 2015 was both vice-president and general director of RZD’s Trans- port Service Centre (TSC), which works directly with cargo shippers. Alexei Shilo has been the firm’s commercial director since May and was appointed to head TSC in February. Babayev’s sons, Ruslan and Timur, are co-owners of Vector Rail, which has a 50pc stake in Russia’s largest LPG tankcar operator, SG-Trans.

Latvian Shipping Company expands fleet The largest shipowner in the Baltic states, Latvian Shipping (LSC), took delivery of the 157,000t Suezmax Elandra Eagle on 19 April. The vessel, built by South Korean Sungdong Shipbuilding, will be operated by subsidiary LSC Shipmanagement. Trading firm Vitol has a 49.9pc stake in LSC. The 277m long, 48m wide tanker is the largest in LSC’s fleet and it expects to take delivery of a similar vessel, the Elandra Falcon, in June. The addition of these vessels will raise firm’s fleet to 25 tankers — including 16 owned outright by LSC and others operated by LSC Ship- management. LSC plans to increase its fleet to 30 vessels by the end of this year and it may lease tankers from other owners to achieve this target. The LSC fleet consists mainly of Handysize (30,000-40,000t) and MR (40,000-60,000t) vessels.

in brief

Preliminary Urals loadings, Jun ’000t Urals exports to drop in early June Dates Exporter Vol. Exports of Urals crude from Russian Baltic and Black Sea ports are provisionally scheduled at 1.9mn t (2.06mn b/d) in early June, 10pc below total planned May Primorsk loadings on a daily average basis. Exports from Primorsk and Ust-Luga on the 31-01 Rosneft 100 Baltic Sea are scheduled at around 1.44mn b/d early next month — a drop of 10pc 01-02 Surgutneftegaz 100 02-03 Rosneft 100 against the May average. Shipments from the Black Sea port of Novorossiysk are 03-04 Lukoil 100 pencilled in at 617,000 b/d for 1-7 June — down by 10pc from planned full-month 04-05 Gazpromneft 100 May loadings — with the Sheskharis terminal scheduled to load four 80,000t Urals 05-06 Rosneft 100 cargoes and two of 140,000t (see table). No cargoes of low-sulphur Siberian Light Total 600 Total, ’000 b/d 720 are scheduled to load at Novorossiysk in early June.

Ust-Luga CPC Blend makes rare voyage to USGC 31-01 Kazakh producers 100 01-02 Rosneft 100 US independent refiner Valero is taking a cargo of light sour Caspian CPC Blend 02-03 Surgutneftegaz 100 from the Black Sea to the US Gulf coast, shipping data show — the first shipment 03-04 Rosneft 100 on this route in at least three years. Valero has booked the Suezmax Evridiki 04-05 Surgutneftegaz 100 to load the 135,000t cargo on 25-26 May at the Caspian Pipeline Consortium’s 05-06 Rosneft 100 Yuzhnaya Ozereyevka terminal, near the Russian Black Sea port of Novorossiysk. 06-07 Kazakh producers 100 Total 700 The crude, supplied by Rosneft subsidiary Trumpet, will probably head to Valero’s Total, ’000 b/d 720 250,000 b/d St Charles refinery in Louisiana. The refiner occasionally buys Novorossiysk competing Algerian light sweet Saharan Blend for St Charles. It will be the first 01-02 Rosneft 80 transatlantic shipment of CPC Blend this year. Just over 19,000 b/d of the grade 02-03 Rosneft 140 went to Canada in 2016 — all to Quebec for Canadian integrated oil firm Suncor, a 03-04 Lukoil 80 frequent buyer for its 130,000 b/d Montreal refinery. CPC Blend regularly heads to 04-05 Kazakh producers 80 Asia-Pacific — more than 88,000 b/d of the grade has gone east this year to refin- 05-06 Lukoil 140 06-07 Lukoil 80 ers in India, Japan and South Korea. Total 600 Total, ’000 b/d 617 Freight rates rise Freight rates for shipping oil products from ports in northwest Russia to Europe rose this month compared with April, against the backdrop rising costs for vessel chartering. The most noticeable increase was on the route from Arkhangelsk in Russia’s far north to Rotterdam, the Netherlands (see table). The rate from the Baltic port of Kaliningrad to Rotterdam also rose. Freight costs for shipments of refined products from Russia’s far east ports of Nakhodka and Vanino to China, Japan and Singapore also grew, amid higher tanker charter rates and a slight increase in the cost of bunker fuel.

Annual time charter rates $/d Estimated freight index $/t Deadweight Voyage Voyage Deadweight (’000t) Apr Mar Route Time charter ’000t equivalent, May equivalent, Apr 10-15 11,500 11,500 Kaliningrad-Rotterdam 15 11,890 15.47 15.21 15-25 11,890 11,370 Murmansk-Rotterdam 40 12,810 10.91 10.86 25-37 11,620 11,230 37-55 12,810 12,570 Arkhangelsk-Rotterdam 20 11,890 22.31 21.99 55-80 13,270 13,180 Nakhodka-Singapore 40 12,810 14.45 14.26

80-100 16,090 16,320 Nakhodka-Qingdao 60 13,270 6.04 5.99 100-147 15,980 16,340 Nakhodka-Chiba 40 12,810 7.31 7.20 — Argus assessment Vanino-Singapore 40 12,810 16.04 15.85

Vanino-Qingdao 60 13,270 7.08 7.0 4

Vanino-Chiba 40 12,810 7.67 7.56

— Argus assessment

FSU CRUDE EXPORTS

Exports by port/company ’000t Transneft surge pushes shipments to new high Port/exporter Apr Mar ±% Overall crude exports from FSU countries hit 7.55mn b/d (30.62mn t) in April, up Novorossiysk 2,855.3 2,639.2 11.8 by 7pc from March to hit a new post-soviet era high. Record crude flows through Rosneft 577.4 552.6 8.0 the Transneft system to Baltic, Black Sea and far east ports drove the April rise, Lukoil 912.6 578.3 63.1 together with growing Arctic exports. Gazpromneft 238.0 379.4 -35.2 Tatneft 16.8 39.3 -55.7 Exports from Russia through the Transneft pipeline system, including transit Bashneft 21.7 - shipments, were 7.3pc higher on the month at 4.7mn b/d in April, mainly because Russneft 79.9 160.1 -48.4 of big increases in loadings at the Baltic port of Primorsk, Novorossiysk on the Small producers 206.5 124.0 72.1 Black Sea and Kozmino in Russia’s far east. The increase partly reflects the im- Kazakhstan 739.3 539.2 41.7 Azerbaijan 84.8 244.6 -64.2 pact of refinery maintenance in Russia, which freed up crude for export. Primorsk 4,493.5 4,194.3 10.7 Primorsk loadings rose by 10.7pc to 1.08mn b/d. Tatneft more than doubled Rosneft 1,640.1 1,711.4 -1.0 loadings at the port to 294,000t last month, as a result of maintenance from mid- Lukoil 1,098.1 998.4 13.7 April at its 140,000 b/d Taneko refinery. Exports from the Baltic port of Ust-Luga Surgutneftegaz 400.0 300.0 37.8 Gazpromneft 499.2 598.9 -13.9 were almost unchanged against March, with reduced shipments by Surgutneftegaz, Tatneft 293.8 137.0 121.6 Gazpromneft and Tatneft offset by a rise in supplies from Rosneft and Russneft. Neftisa 143.7 0.0 - Exports from Novorossiysk were up by 11.8pc at 684,000 b/d. Lukoil upped its Zarubezhneft 275.2 - Small producers 418.6 173.3 149.6 Novorossiysk loadings by 63pc from March to 912,600t, after cutting supplies to Ust-Luga 2,999.5 3,098.4 0.0 Druzhba pipeline destinations because of refinery maintenance in Hungary and Rosneft 1,198.6 899.0 37.8 Slovakia. Exports from Kazakh producers through the Black Sea port rose by 42pc Surgutneftegaz 800.0 900.1 -8.2 to 739,000t, because of increased Siberian Light shipments by shareholders in the Gazpromneft 199.7 -100.0 Tatneft 99.9 199.9 -48.4 consortium developing the offshore 13bn bl Kashagan field. Azeri loadings fell, Russneft 100.0 0.0 - but had been higher than normal in March, after a cargo was rolled over from Neftisa 100.0 - February because of storms. Kazakhstan 801.0 799.7 3.5 Loadings rose at Kozmino following the end of maintenance at the terminal — Germany 1,963.8 1,789.1 13.4 Rosneft 933.7 860.6 12.1 exports were lower than usual in February-March, while Transneft carried out the Surgutneftegaz 398.9 416.8 -1.1 work. April shipments included a 99,900t Lukoil cargo, after a pause in its exports Gazpromneft 211.9 172.3 27.1 through the port in March — the company used up its full first-quarter allocation Small producers 35.0 52.9 -31.7 at Kozmino in January-February. Tatneft 250.0 150.0 72.2 Belarus 134.3 136.5 1.7 Overall exports in January-April were up by 1.2pc against the first four months Poland 1,269.8 1,059.8 23.8 of last year at 4.43mn b/d. Baltic shipments are well up on the year, although Rosneft 870.0 780.0 15.3 Black Sea and Druzhba deliveries were down. Tatneft 399.8 279.8 47.7 Czech Republic 325.0 290.0 15.8 Rosneft 240.0 240.0 3.3 Russian crude exports/transit ’000t Tatneft 85.0 50.0 75.7 Port/exporter Apr ±% Mar Jan-Apr ±% Jan-Apr 16 Slovakia 319.4 520.0 -36.5 Rosneft 83.3 83.3 3.4 Novorossiysk 2,855.3 11.8 9,840.7 -9.9 Lukoil 85.2 - Primorsk 4,493.5 10.7 17,074.1 6.1 Tatneft 166.0 200.0 -14.2 Ust-Luga 2,999.5 0.0 10,994.8 12.1 Russneft 15.1 17.7 -12.0 Neftisa 28.5 - Baltic total 7,493.0 6.2 28,068.9 8.4 Small producers 55.0 105.2 -46.0 Germany 1,963.8 13.4 7,376.6 0.7 Hungary 298.9 440.0 -29.8 Poland 1,269.8 23.8 4,699.3 -21.2 Rosneft 83.3 83.3 3.4 Lukoil 113.7 - Czech Republic 325.0 15.8 1,180.0 54.1 Tatneft 130.0 100.0 34.3 Slovakia 319.4 -36.5 1,768.2 4.0 Neftisa 74.9 75.6 2.4 Hungary 298.9 -29.8 1,485.9 -5.7 Small producers 10.6 67.4 -83.7 Druzhba total 4,176.9 5.3 16,510.1 -4.7 Kozmino 2,804.1 2,520.0 15.0 Rosneft 1,104.5 1,097.3 4.0 Westbound total 14,525.1 7.0 54,419.6 0.5 Lukoil 99.9 0.0 - Kozmino 2,804.1 15.0 10,287.6 0.5 Surgutneftegaz 800.0 700.0 18.1 China (via Kazakhstan) 824.0 13.5 3,094.0 33.3 Gazpromneft 238.7 208.1 18.5 Small producers 560.9 514.6 12.6 China (ESPO) 1,232.0 -6.9 5,367.0 -4.6 China (via Kaz.) 824.0 750.0 13.5 Eastbound total 4,860.1 8.3 18,748.6 3.1 Rosneft 824.0 750.0 13.5 Total 19,385.2 7.3 73,168.3 1.2 China (ESPO) 1,232.0 1,368.0 -6.9 Total, ’000 b/d 4,698.4 7.3 4,434.4 1.2 Rosneft 1,232.0 1,368.0 -6.9

FSU CRUDE EXPORTS

Crude exports outside Transneft system Arctic crude supplies hit record high ±% Jan- Seaborne crude exports from Russia outside Transneft’s pipeline system rose by ’000t Apr ±% Mar Jan-Apr Apr 16 12pc against March to 778,900 b/d (3.14mn t) last month, as Arctic supplies from

Sokol 1,042.6 3.5 3,973.5 -2.3 Gazpromneft and Lukoil hit a record high. Exports from Gazpromneft’s Umba floating storage tanker, in Kola bay, near Sakhalin Blend† 472.5 -11.1 2,053.8 9.8 Murmansk, grew by 41.7pc to a record-high 196,500 b/d in April, as supplies rose Total Sakhalin 1,515.1 -1.7 6,027.3 1.7 from the firm’s 1.8bn bl Novoportovskoye field and 511mn bl Prirazlomnoye in the Varandey Blend 805.5 18.7 2,991.9 18.3 Pechora Sea — mainly the former. From Varandey 758.3 3.4 2,964.0 17.2 Novy Port Light shipments from Gazpromneft’s Arctic gateway terminal in From the Umba 818.2 41.7 2,522.5 254.0 Ob bay increased by 44pc to 124,300 b/d, following the start of development of

Novy Port Light† 504.0 43.5 1,640.1 324.3 a new oil formation — NP-8 — at Novoportovskoye last month. This will provide

Arco† 269.6 3.7 1,010.4 90.9 about a quarter of the field’s output over the next three years. Arco supplies from Prirazlomnoye rose by 3.7pc on the month to 62,000 b/d in April. Total 3,138.7 11.9 11,541.7 22.6 The fourth of the six tankers being built for Gazpromneft to carry crude from Total, ’000 b/d 778.9 11.9 718.0 22.6 Ob bay — the Shturman Skuratov — carried two 35,500t cargoes in April, having Comparison based on daily shipments †supplies from the fields picked up its first at the end of March. The fifth, the Shturman Sherbinin, should arrive in Murmansk in mid-May. Lukoil increased shipments of Varandey Blend from Kola bay, where crude supplied from its Varandey terminal is accumulated into larger cargoes offshore. Exports were up by 18.7pc to 201,800 b/d, their highest since February, when the company exported 206,700 b/d of crude. Exports from Sakhalin, in Russia’s far east, fell by 1.7pc on the month to 380,600 b/d in April. The drop was a result of lower supplies of Sakhalin Blend, which fell partly because of lower output of gas condensate — one of the grade’s components — from Gazprom’s Kirinskoye field. The firm supplied 20,000-25,000

Rail exports of crude ’000t ±% Jan- Rosneft keeps light crude in Russia Route Apr ±% Mar Jan-Apr Apr 16 Russian rail shipments of crude for export — including transit — fell by 22pc on Svetly 25.7 -13.9 110.8 -11.9 the month to 33,800 b/d (139,500t) in April, mainly because of lower shipments

Total Baltic 25.7 -13.9 110.8 -11.9 from Rosneft.

Taman 0.0 — 0.0 -100.0 The company reduced deliveries of light crude from its fields in Orenburg region to the Caspian Pipeline Consortium (CPC) system by 30pc to 91,900t in CPC 91.9 -29.8 513.4 -51.2 April, after doubling supplies to its 240,000 b/d Tuapse refinery to 113,000t. Total Black Sea 91.9 -29.8 513.4 -52.4 But lower crude deliveries last month were partly offset by an increase in sup- Ukraine 6.9 78.2 12.2 317.8 plies of condensate by rail (see pXX). China 0.0 — 0.0 — Lukoil reduced crude shipments by rail from Kaliningrad region to the Baltic Finland 0.0 — 0.0 — port of Svetly by 14pc compared with March to 25,700t last month, following Uzbekistan 0.0 — 0.0 — a drop in production. The company maintained deliveries of crude produced

Belarus 13.0 -0.8 59.1 5,897.9 by subsidiary Ritek to the Astrakhan tankfarm at 2,100t in April, in line with

Total overland 19.8 17.2 71.3 -20.4 March. Lukoil has been stockpiling Ritek crude at Astrakhan since the start of this year to make up a large cargo for export. Astrakhan 2.1 3.2 8.2 -75.5 Kazakh producer Nostrum Oil and Gas increased railway supplies of light Total 139.5 -22.3 703.8 -47.0 crude to the Shebelinsky gas processing plant in Ukraine by 78pc on the Total, ’000 b/d 33.8 -22.3 42.6 - 47.0 month to 6,900t in April, but reduced crude supplies to the 323,000 b/d Mozyr Comparisons based on daily average shipments refinery in Belarus by 600t to 12,000t. Small Russian producers supplied about 1,000t to Belarus by rail, the same as in March. Rail deliveries in January-April were down by 47pc on the year at 42,600 b/d (703,800t). Shipments fell to almost all destinations, with the biggest reduction to the Black Sea, because of reduced CPC supplies and the absence of Kazakh transit shipments to the port of Taman.

FSU CRUDE EXPORTS

t/month of condensate to Sakhalin 2 operator Sakhalin Energy in January-March, but deliveries fell in April and Gazprom plans to halt them in May, because of a seasonal reduction in natural gas output at Kirinskoye, market participants say.

Destinations Gazpromneft shipped four Arctic crude cargoes to Rotterdam last month, as in March. Two went to the MET terminal for pipeline transportation to Total refineries in Antwerp and to BP’s 265,000 b/d Gelsenkirchen in Germany. And the Dugi Otok delivered 100,000t to the Maasvlakte terminal, which connects with several refineries by pipeline, including the Total-Lukoil owned 150,000 b/d Flushing plant in the Netherlands. Another cargo remains on the HS Carmen in Rotterdam, wait- ing to discharge. One cargo from Kola bay was delivered to ExxonMobil’s 120,000 b/d Slagen refinery in Norway and one to Immingham in the UK, for Total and US refiner Phillips 66. Cargoes also went to the Finnart terminal in Scotland for Petroineos 205,000 b/d Grangemouth plant, as well as to the CIM-CCMP terminal at the French port of Le Havre for nearby refineries. Lukoil trading arm Litasco exported eight cargoes of Varandey Blend last month. The 165,000 b/d Petrotrin refinery at Pointe-a-Pierrе in Trinidad and the CIM-CCMP terminal received two cargoes each. Another two went to Rotterdam — one to Shell’s 420,000 b/d Pernis plant at the port and the other to MET. Litasco also supplied 95,000-100,000t to ExxonMobil’s 270,000 b/d Fawley refinery in the UK and a similar amount to the German port of Wilhelmshaven, for pipeline transportation to BP’s 82,000 b/d Lingen and Gelsenkirchen refineries, and Shell’s 140,000 b/d Wesseling plant.

Rail exports of condensate ’000t ±% Jan- CPC condensate surge Route Apr ±% Mar Jan-Apr Apr 16 Gas condensate supplies by rail for export grew by 2.6pc to 49,700 b/d Ust-Luga 0.0 — 0.4 -99.8 (183,900t) in April. Rosneft upped deliveries to the CPC pipeline system by Svetly 28.6 4.8 113.5 -25.5 more than a quarter to 82,000t in April, partly offsetting lower crude sup-

Sillamae 0.0 — 0.0 — plies (see pXX). Condensate is blended with light sweet crude at the Kropotkin

Total Baltic 28.6 4.8 113.9 -75.3 pumping station in southern Russia’s Krasnodar region for pipeline supply to

CPC 82.0 25.7 273.8 -9.9 CPC’s Yuzhnaya Ozereyevka terminal near Novorossiysk. Supplies of condensate to the Black Sea port of Taman port were down by Taman 34.2 -16.6 161.3 5.3 17pc to 34,200t last month, as Kazakh producers reduced deliveries by 8,700t, Total Black Sea 116.2 9.4 435.2 -4.8 to 33,400t. But Russian small producers exported almost 800t up from 300t in Azerbaijan 0.0 — 11.0 — March. January-April rail supplies to Taman were up by 5.3pc at 161,300t. Finland 17.4 4.1 78.2 -62.4 Shipments by YuUPK through Svetly, in the Kaliningrad exclave, were up by Belarus 2.3 — 6.4 — 400t to 28,600t in April, although January-April supplies were 25pc lower on Latvia 0.0 -100.0 6.7 -94.0 the year. Deliveries by YuUPK to PKN Orlen’s 267,000 b/d Mazeikiai refinery in Lithuania 17.3 -32.7 67.1 — Lithuania were down by a third from March at 17,300t in April. Novatek sup- Kazakhstan 0.0 — 0.1 -69.3 plied just over 17,000t to Neste in Finland in April, as in March, but supplies to Mongolia 0.0 — 0.0 — Finland were down significantly year on year in January-April.

Uzbekistan 0.0 — 2.4 — Russian small producers resumed condensate deliveries to Belarusian refin-

North Korea 0.0 -100.0 0.1 — eries after a 30-day interval — about 1,900t to 320,000 b/d Mozyr and almost

Ukraine 2.0 -5.4 6.1 — 500t to 220,000 b/d Novopolotsk. Supplies to Ukraine fell by 5.4pc to 2,000t. January-April rail shipments fell by 47pc on the year to 49,000 b/d Total overland 39.1 -14.3 178.1 -44.5 (727,200t), following a sharp drop in shipments through the Baltic states and Total 183.9 2.6 727.2 -41.3 to overland destinations. Black Sea supplies also fell but not as severely, with Total, ’000 b/d 49.7 2.6 49.0 -41.3 lower CPC supplies partly offset by increased shipments to Taman. Comparisons based on daily average shipments

FSU CRUDE EXPORTS

Scheduled crude exports by firm ‘000t Refining increase behind crude export drop May Apr A scheduled drop in seaborne crude exports from Russia this month is partly linked to an expected increase in crude processing at the country’s refineries. Novorossiysk Crude runs at Russian refineries will grow to 20.4mn t (4.8mn b/d) in May, a Urals rise of about 850,000t compared with April, according to market participants, Rosneft 580 580 following the end of maintenance at some plants and because of an expected

Lukoil 820 755 seasonal increase in Russian demand for motor fuels. Seaborne crude exports this month are scheduled to fall by 7.4pc against April on a daily average basis at Gazpromneft 160 220 12.47mn t (see table). Kazakh producers 520 520 Lukoil plans to increase crude runs at its 365,000 b/d Nizhny Novgorod refin- Small producers 160 80 ery by almost 200,000t, to 1.26mn t, while throughputs at the company’s 290,000

Surgutneftegaz 140 0 b/d Perm plant will rise by 350,000t to 1.08mn t in May. Both refineries were shut down for maintenance in April. Siberian Light And Gazpromneft plans to increase crude runs at its 240,000 b/d Moscow Lukoil 80 160 refinery by 300,000t to about 900,000t in May, following its restart after a large- Gazpromneft 80 0 scale maintenance programme in April. Crude supplies to the company’s 430,000

Kazakh producers 80 160 b/d Omsk plant are expected to rise by 75,000t to 1.52mn t.

Russneft 80 80 Baltic loading undermined Small producers 5 30 In addition, crude exports from Russia’s Baltic ports are likely to be undermined Socar 85 85 by an increase in deliveries to Belarus, following the resolution in April of a

Novatek 75 50 dispute between Moscow and Minsk over gas prices. Russian exporters will supply 5mn t of crude to Belarus in the second quarter, an increase of 1mn t from Primorsk January-March deliveries, pipeline operator Transneft says. Rosneft 1,500 1,500 And Primorsk exports will probably be hit by Transneft starting work this Lukoil 800 1,100 month to convert the Nizhny Novgorod-Yaroslavl section of the crude pipeline Small producers 327 334 to the port to handle diesel. As a result, some crude that would usually head to Primorsk may instead flow to Novorossiysk on the Black Sea or to the Baltic port Surgutneftegaz 400 400 of Ust-Luga — although maintenance at Ust-Luga on 14-19 May will reduce exports Tatneft 300 200 there compared with April. Petroleum 100 100 Shell and Gazpromneft joint venture Salym Petroleum Development will Rusvietpetro 142 147 export 100,000t of Urals from Primorsk this month, its first shipments since Janu- ary. And Tatneft will increase Primorsk loadings by 100,000t, to 300,000t in May NNK 100 100 (see table). The company plans to reduce crude runs at its 140,000 b/d Taneko Gazpromneft 200 500 refinery in Nizhnekamsk by 80,000t to 240,000t after maintenance. Kharyaga 131 119 Shareholders in Kazakhstan’s 13bn bl offshore Kashagan project will reduce Salym Petroleum 100 0 exports of Siberian Light from Novorossiysk to one 80,000t cargo this month. The Kashagan shareholders loaded two cargoes of this size in April, after a March Ust-Luga cargo was rolled over because of storms in the Black Sea. Rosneft 1,100 1,200

Surgutneftegaz 700 800 Scheduled crude exports ‘000t

Kazakh producers 600 800 May Apr ±%

Russneft 100 100 Novorossiysk 2,865 2,720 1.9

Tatneft 100 100 Baltic of which: 6,700 7,50 0 -13.5

Kozmino Primorsk 4,100 4,500 -11.8

Rosneft 1,205 1,106 Ust-Luga 2,600 3,000 -16.1

Surgut 800 800 Kozmino 2,905 2,806 0.2

Gazpromneft 200 200 Total 12,470 13,026 -7.4

Small producers 600 600 Total ‘000 b/d 2,920 3,152 -7.4

Lukoil 100 100 changes based on daily average shipments

FSU CRUDE EXPORTS

Primorsk loading plan, May ’000t Ust-Luga loading plan, May ’000t Novorossiysk loading plan, May ’000t Dates Exporter Vol. Dates Exporter Vol. Dates Exporter Vol.

30-1 Rosneft 100 30-1 Rosneft 100 30-1 Lukoil 80 1-2 Surgutneftegaz 100 2-3 Rosneft 80 1-2 Tatneft 100 2-3 Rosneft 100 3-4 Rosneft 140 2-3 Rosneft 100 3-4 Kazakh producers 100 3-4 Gazpromneft 80* 4-5 Surgutneftegaz 100 4-5 Lukoil 80 2-3 Surgutneftegaz 100 5-6 Rosneft 100 6-7 Kazakh producers 80 3-4 Lukoil 100 6-7 Surgutneftegaz 100 7-8 Gazpromneft 80 8-9 Lukoil 140 4-5 Rosneft 100 7-8 Kazakh producers 100 9-10 Russneft 80* 8-9 Rosneft 100 5-6 Rosneft 100 10-11 Lukoil 80 9-10 Rosneft 100 11-12 Rosneft 140 5-6 Surgutneftegaz 100 10-11 Kazakh producers 100 12-13 Lukoil 80 11-12 Rosneft 100 6-7 Lukoil 100 13-14 Kazakh producers 80 12-13 Tatneft 100 15-16 Lukoil 140 7-8 Rosneft 100 13-14 Rosneft 100 15-16 Lukoil 80* 7-8 Tatneft 100 9-20 Surgutneftegaz 100 16-17 Gazpromneft 80 20-21 Rosneft 100 9-10 Surgutneftegaz 100 18-19 Surgutneftegaz 140 21-22 Russneft 100 Novatek 55.7, Yargeo 19.3, 18-19 80* 9-10 Lukoil 100 22-23 Kazakh producers 100 top-ups 5 10-11 Rosneft 100 23-24 Surgutneftegaz 100 19-20 Kazakh producers 80 24-25 Rosneft 100 21-22 Kazakh producers 140 11-12 Rosneft 100 25-26 Surgutneftegaz 100 21-22 Kazakh producers 80* 11-12 Gazpromneft 100 26-27 Kazakh producers 100 22-23 Lukoil 80 27-28 Rosneft 100 23-24 Small producers 80 12-13 Lukoil 100 28-29 Surgutneftegaz 100 25-26 Small producers 80 13-14 Rosneft 100 29-30 Rosneft 100 26-27 Rosneft 140 14-15 Rosneft 100 30-31 Kazakh producers 100 28-29 Lukoil 140 Total 2,600 29-30 Rosneft 80 14-15 Salym Petroleum 100 Total ‘000 b/d 604 30-31 Kazakh producers 140 15-16 Surgutneftegaz 100 30-31 Socar 85* Kozmino loading plan, May ’000t Total 2,865 16-17 Rosneft 100 Total ’000 b/d 665 Date Exporter Vol. 17-18 Neftisa 100 *Siberian Light 18-19 Lukoil 100 29-2 Rosneft 100 30-2 Surgutneftegaz 100 Kozmino loading plan, Jun ’000t Zarubezhneft 72.778, 18-19 100 1-4 Rosneft 50, TYN 50 100 top-ups 27.222 Dates Exporter Vol. 2-5 Surgutneftegaz 100 19-20 Rosneft 100 3-6 Gazpromneft 100 30-2 Rosneft 100 20-21 Tatneft 100 4-7 Lukoil 100 31-3 Surgut 100 5-8 Surgutneftegaz 100 1-4 Surgut 100 21-22 Rosneft 100 7-10 Rosneft 100 2-5 Rosneft 100 22-23 Lukoil 100 8-11 Rosneft 80, TYN 20 100 3-6 Lukoil 100 9-12 Small producers 100 23-24 Rosneft 100 8-11 Tenergy 105 10-13 Surgutneftegaz 100 9-12 Rosneft 100 23-24 Gazpromneft 100 11-14 Rosneft 100 10-13 Surgut 100 12-15 Rosneft 100 24-25 Lukoil 100 11-14 Rosneft 100 13-16 Surgutneftegaz 100 12-15 Rosneft 100 Rusvietpetro 70.889, 14-17 Small producers 100 25-26 100 14-17 Surgut 100 Zarubezhneft 29.111 15-18 Gazpromneft 100 15-18 Tenergy 105 26-27 Small producers 100 16-19 Rosneft 75, TYN 25 100 16-19 Rosneft 100 17-20 Rosneft 100 26-27 Pechoraneft 100 18-21 Surgutneftegaz 100 17-20 Surgut 100 27-28 Small producers 100 19-22 Small producers 100 18-21 Tenergy 105 20-23 Rosneft 100 19-22 Surgut 100 28-29 Small producers 100 21-24 Small producers 100 20-23 Rosneft 100 28-29 Rosneft 100 22-25 Surgutneftegaz 100 22-25 Tenergy 105 23-26 Surgut 100 Rusvietpetro 70.889, 23-26 Rosneft 85, TYN 20 105 29-30 100 24-27 Tenergy 105 Zarubezhneft 29.111 24-27 Small producers 100 25-28 Surgutneftegaz 100 25-28 Rosneft 105 30-31 Lukoil 100 26-29 Rosneft 100 26-29 Rosneft 100 30-31 Rosneft 100 27-30 Small producers 100 27-30 Tenergy 105 29-1 Rosneft 100 26-1 Rosneft 100 Total 4,100 Total 2,905 Total 2,435 Total ‘000 b/d 952 Total ‘000 b/d 697 Total, ’000 b/d 589

FSU CRUDE EXPORTS

CPC Blend export schedule, Jun ’000t BTC Blend surges after maintenance Loading Exporter Vol. BTC Blend loadings rose by 14pc from March to 671,000 b/d (2.64mn t) in April.

1-2 TCO 135.5 March exports dipped because of maintenance at Azerbaijan’s Azeri-Chirag-Gunesh- 1-2 KPO 85.0 li (ACG) development and April is largely in line with the year-to-date shipments of 2-3 TCO 139.0 673,000 b/d. Four cargoes moved to Asia-Pacific last month and two to the US. 3-4 TCO 91.2 CPC Blend exports of 1.24mn b/d (4.7mn t) in April — down by just 1pc from 3-4 TCO 94.0 March’s record-high 1.26mn b/d — lifted year-to-date exports by 18pc to 1.17mn 4-5 TCO 94.0 b/d. Crude supplies from Kazakhstan’s Kashagan field were around 14pc higher 4-5 KPO 85.0 than the previous month at 158,800 b/d in April, and just two 135,500t cargoes 5-6 TCO 135.5 moved outside the region, to India and Japan, compared with four in March. 6-7 TCO 94.0 But Polish refiners have stepped up their CPC Blend buying. Three 90,000t 7-8 TCO 136.2 cargoes headed for Gdansk in April and a 100,000t cargo went to Butinge in Lithu- 7-8 KPO 95 + SKD 40 135.0 ania. Gdansk deliveries are expected to go to PKN Orlen’s 327,000 b/d Plock refin- 8-9 TCO 99.0 ery and Butinge cargoes to the firm’s 263,000 b/d Mazeikiai plant in Lithuania. 9-0 KPO 45 + ACS 40 85.0 9-0 Trumpet 80.0 Some 847,000t of CPC Blend is scheduled for delivery to the Baltic region in 10-11 Litasco 90.0 January-May, the most significant Baltic imports of the grade since 2014, when 11-12 TCO 135.5 three 85,000-90,000t cargoes went to Gdansk. Just one 135,000t CPC Blend 11-12 KPO 85.0 cargo was delivered to Poland last year and none in 2015, although PKN regularly 12-13 TCO 94.0 tenders for CPC Blend and BTC Blend for delivery to the Italian port of Trieste for 12-13 Total (I) 93.5 supply by pipeline to its refineries in the Czech Republic. 13-14 TCO 91.2 June BTC Blend exports are pencilled in at 645,000 b/d, a 6.4pc rise from the 14-15 TCO 135.5 May plan, a preliminary loading programme shows. Primary exporter Socar will 15-16 TCO 94.0 up shipments by nearly 20pc on the month to 543,000 b/d in June, loading 23 15-16 KPO 135.0 cargoes of 650,000 bl and one of 1.35mn bl. Japanese firms Itochu and Inpex will 16-17 KMG EP 93.5 each load one 600,000 bl cargo, as will Chevron and Turkey’s TPAO. ACG operator 16-17 Litasco 90.0 BP will load just one 650,000 bl cargo, compared with two in May. 17-18 TCO 139.0 Exports of CPC Blend are scheduled to rise by 2.6pc against May to over 18-19 KPO 85.0 18-19 Total (T) 93.5 1.26mn b/d in June, the preliminary loading programme shows. Chevron-led 19-20 TCO 91.2 Kazakh producer Tengizchevroil (TCO) will load 659,000 b/d next month — a drop 19-20 TCO 99.0 of 1.6pc from a revised May plan. But Kashagan loadings are up by nearly 22pc to 20-21 KPO 65 + SKD 25 90.0 167,000 b/d next month. And Lukoil trading arm Litasco — supplying Russian crude 21-22 TCO 135.5 from the 1.12bn bl Filanovsky field in the Caspian Sea — will up CPC Blend load- 22-23 TCO 94.0 ings by around 6.4pc from May to just below 83,000 b/d in June. 22-23 KPO 85.0 May exports of the grade were revised up by just 1pc from the preliminary 23-24 TCO 139.0 plan to 1.23mn b/d. TCO will increase loadings by 1.3pc against the preliminary KMG EP 103 + KOA 27 + 24-25 135.0 PSA 5 plan to 670,000 b/d this month. Kashagan shareholders field will export 137,000 KBV 115 + South-Oil 10.05 + b/d this month, more or less in line with the initial schedule. And Lukoil exports 25-26 135.0 Maten 10 are unchanged at just under 78,000 b/d in May. 26-27 KPO 85.0 27-28 KPO 40 + SKD 45 85.0 BTC Blend exports, Jun ’000 bl 27-28 Trumpet 135.0 Dates Exporter Vol. Dates Exporter Vol. 28-29 TCO 136.2 01-03 Socar 650 16-18 Socar 650 28-29 ACS 85.0 01-03 Socar 650 17-19 Socar 650 29-30 TCO 99.0 02-04 Socar 650 18-20 Socar 650 29-30 Litasco 135.0 03-05 Socar 650 19-21 Socar 650 30-01 Total (EM) 93.5 04-06 Socar 650 20-22 BP 650 05-07 Socar 650 21-23 Socar 650 Total 4,800.6 06-08 Socar 650 22-24 Socar 650 Total, ‘000 b/d 1,264.1 07-09 Socar 650 23-25 Socar 650 Abbreviations — TCO: Tengizchevroil. KPO: Karachaga- 08-10 Socar 650 24-26 Inpex 600 nak Petroleum Operating. KOA: Kazakhoil Aktobe. KBV: 09-11 Socar 650 25-27 Socar 650 KMG Kashagan. PSA: KMG Kashagan, from resources 10-12 Socar 650 26-28 Socar 650 of "PSA". ACS: Agip Caspian Sea. SKD: Shell Kazakhstan 11-13 Socar 650 27-29 Chevron 600 Development. Total (EM): Total E&P Kazakhstan (from the 12-14 Itochu 600 28-30 TPAO 600 resouces of ExxonMobil Kazakhstan). Total (T): Total E&P Kazakhstan. Total (I): Total E&P Kazakhstan (from the 13-15 Socar 650 29-01 Socar 1,350 resources of Inpex North Caspian Sea) 15-17 Socar 650 Total 19,350

FSU PRODUCTS EXPORTS

Loadings at Baltic states terminals ’000t VGO bucks downward trend Terminal Apr Mar Products exports from the FSU fell by 5.1pc on the month on a daily average basis to 13mn t in April, with only vacuum gasoil (VGO) and jet fuel bucking the trend. Vopak EOS 190 209 VGO exports climbed by 45pc to 1.57mn t. Firm demand for feedstocks from Vesta 51 149 refiners on the US Gulf coast and in the Mediterranean region — including Greece, Alexela Paldiski 71 89 Turkey and Italy — supported prices and boosted the economics for VGO imports Alexela Sillamae 171 190 from FSU countries. Shipments from Russia’s Barents Sea port of Murmansk more Total Estonia 483 637 than doubled in April, as New Stream continued to increase supplies to its Kom- Naftimpeks 65 23 mandit Service terminal. And exports are expected to increase by a further 20pc Pars Terminals 54 114 following deployment of the 105,000t floating storage tanker Polar Rock, which should start operations in mid-June. Woodison Terminal 0 0 Fuel oil exports dropped by 13pc to 4.65mn t last month, with Baltic ship- BLB Baltijas 196 217 ments — much of which go to Rotterdam for re-export — down by more than a Ventspils Nafta 883 851 quarter compared with March. Black Sea supplies were undermined by mainte- Ventbunkers 211 331 nance at Rosneft’s 190,000 b/d Novokuibyshev refinery in April, which contributed Ventall Terminals 0 0 to a 4pc decline in shipments from the port compared with March — Novokuiby- Total Latvia 1,409 1,536 shev supply was expected to fall by almost 50pc to 103,000t. But FSU fuel oil Klaipedos Nafta 267 372 exports are rebounding, according to loading data for the first week of May. Kroviniu Terminalas 198 103 Gasoil and diesel exports dropped by 6pc in April and will probably fall further next month, because of refinery maintenance that will take 1.9mn t of Total Lithuania 465 475 10ppm sulphur diesel production capacity off line in the second quarter com- Grand total 2,357 2,648 pared with 847,500t in January-March. Exports from Primorsk — Russia’s main export outlet for 10ppm — declined by Tuapse products loading plan ’000t 1pc on a daily average basis in April and are expected to fall to 1.24mn t in May. May Apr The port’s largest suppliers, Surgutneftegaz and Rosneft, are scheduled to reduce deliveries by 2pc and 3.2pc on the month, respectively. Vitol won a tender this Gasoil and diesel 470.5 525.5 month to buy up to 2.5mn t of 10ppm from Surgutneftegaz, loading at Primorsk Naphtha 450.0 450.0 in July-December. And Glencore is taking up to 100,000t of 0.25pc sulphur gasoil Fuel oil 375.0 413.0 from Forteinvest’s 62,000 b/d Krasnodar refinery in May-June at Tuapse. VGO 150.0 150.0 Demand for naphtha from European gasoline blenders was strong in the first Total 1,445.5 1,538.5 half of April. And product was exported to Asia-Pacific, where naphtha supplies — Market participants tightened because of condensate splitter maintenance in the UAE and an un- planned shutdown in Qatar. But buying interest in Europe weakened later in the month and exports from the FSU fell by nearly 13pc to 1.69mn t in April. FSU gasoline exports dipped by less than 1pc compared with March to 622,000t. Gunvor is likely to buy as much as 1mn t of gasoline from Surgutneftegaz at to Ust-Luga in April-December after winning a recent tender. The 350,000 b/d Kirishi refinery’s 0.1pc sulphur A-76 gasoline is unsuitable for the Russian market. Jet fuel exports surged by nearly 40pc on the month in April, but remained low at 166,000t. Shipments from Ust-Luga reached 107,000t, an increase of more than 50pc on March. Novatek, which loads the product at its Ust-Luga terminal, ships around 100,000t of jet fuel a month to Scandinavian and Baltic countries.

Primorsk diesel loadings ’000t Supplier May Apr ± % Primorsk diesel exports down in May Gazpromneft 22 30 -29.0 Diesel exports from Primorsk are scheduled to fall to 1.24mn t in May, from Lukoil 150 120 21.0 1.28mn t last month. Lukoil is the only supplier planning to lift exports on an Rosneft 370 370 -3.2 daily average basis. Rosneft will supply a 100,000t cargo to Vitol loading on 4-5 Surgutneftegaz 490 484 -2.0 Taif 120 160 -27.4 May — the largest single shipment from the port. Berthing capacity at Primorsk New Stream 90 120 -27.4 was increased last year to accommodate larger tankers. The cargo will have Total 1,242 1,284 -6.4 limited delivery options in northwest Europe because of its size. Changes based on daily average shipments

FSU PRODUCTS EXPORTS River restart, refinery maintenance hits rail supplies Russian rail shipments of products for export fell by 7pc on the month in daily average terms to 7.96mn t in April, as a result of refinery maintenance and the start of this year’s river navigation season. Fuel oil exports by rail fell by 1pc to 3.14mn t last month, with supplies to St Petersburg most affected. Gazpromneft reduced supplies to the port from its 360,000 b/d Yaroslavl refinery to just 29,000t, down from 139,100t in March, boosting shipments to the Baltic Ust-Luga Oil terminal instead. Rail deliveries to the Black Sea port of Tuapse, in Krasnodar region, fell by more than a quarter from March to 139,500t. Rosneft reduced rail supplies of fuel oil from its 190,000 b/d Novokuibyshev refinery in April, after diverting exports by river to floating storage in the Kerch Strait (see pX). Vacuum gasoil (VGO) shipments dropped by a quarter to 617,100t last month, with supplies to Novorossiysk on the Black Sea plummeting to 89,500t from 261,800t in March. Shipments to the port from Rosneft’s Novokuibyshev and 140,000 b/d Saratov refineries dropped to just 5,700t, compared with 103,300t a month earlier, after the firm switched supplies to the river system. Rosneft also reduced VGO supplies to Ust-Luga. Total rail supplies of VGO to Ust-Luga were 94,800t in April, compared with 167,800t in March. Gasoil exports fell by 9pc to 1.89mn t, with supplies to Black Sea ports most affected by the start of the river navigation season. Deliveries to Tuapse fell by 29pc to 241,700t in April, because of lower shipments from Rosneft’s 200,000 b/d Syzran refinery, which started shipping product by river last month. Rail supplies of gasoil to Kavkaz fell by 41pc to 63,500t in April, as a result of lower deliveries from Novokuibyshev because of maintenance. Rail shipments of naphtha fell by 5pc to 1.57mn t in April, with supply to Ta- man on the Black Sea down by 27pc to 129,700t. Supply from Tatneft’s 140,000 b/d Taneko refinery in Nizhnekamsk dropped because of maintenance last month. Taneko also cut naphtha supplies by rail to the Baltic port of Vysotsk, to 40,000t in April from 72,000t the previous month. Gasoline shipments by rail for export fell by 17pc on the month to 284,200t in April. Forteinvest’s 135,000 b/d Orsk refinery stopped shipping the product to Af- ghanistan last month, after maintenance cut output — it supplied 10,000-15,000t/ month on this route in January-March. And gasoline supplies to Kazakhstan fell by a quarter to 79,600t in April, because of reduced supplies from Orsk and Gazpromneft’s 430,000 b/d Omsk refinery.

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FSU PRODUCTS EXPORTS

Flying start for river exports Exports of refined products from Russia by river, including transit shipments, got under way in April, with the start of southbound flows on the Volga-Don system to the Black Sea. Shipments of 481,500t last month were up by a quarter against April 2016, because of higher supplies from the Syzran and Kashpir terminals, serving Rosneft’s Samara group of refineries, and the Tatyanka terminal serving Lukoil’s 290,000 b/d Volgograd plant. There was also an increase in transit flows from Turkmeni- stan’s 180,000 b/d Turkmenbashi refinery. Rosneft supplies to floating storage tankers in the Kerch Strait from the Samara, Kashpir and Syzran terminals — collectively known as the Samara hub — grew by almost 74pc on the year to about 210,000t in April. Fuel oil exports from Samara were almost unchanged compared with a year earlier at 89,500t, while gasoil supplies from Syzran almost doubled to 52,200t and Kashpir loaded 68,200t of products, mainly fuel oil, compared with nothing in April 2016. But shipments by Rosneft supplies from the Samara hub may be reduced after 20 May, when its 140,000 b/d Kuibyshev refinery is scheduled to shut down for 72- days of maintenance, market participants say. Exports of vacuum gasoil (VGO) — heavy export-grade fuel oil, according to Rosneft’s classification — as well as gasoil and low-viscosity marine gasoil (MGO) from the company’s 140,000 b/d Saratov refinery fell by almost 57,000t compared with April 2016 to 128,190t last month. Exports from Saratov comprise mainly VGO, market participants say, because, just before the beginning of the navigation season, Russian Railways offered a 25pc discount for fuel oil and gasoil transportation from the Knyazevka and Neftyanya rail stations, which are used to ship products from Saratov. River supplies from Bashneft’s Ufa refineries — restarted by Rosneft this year after it took control of Bashneft — comprised 28,600t of fuel oil and low-viscosity River shipping costs Rbs/t MGO in April (see pXX). But this is not representative of likely monthly exports Route 2017 2016 for the remainder of this year, because northbound shipments on the Volga- Samara-Kavkaz 1,870-2,440 1,545-2,300 Baltic route did not begin until the start of May. The Ufa complex comprises the

Oktyabrsk-Kavkaz na 1,445-2,200 140,000 b/d Novoil, 150,000 b/d Ufa and 190,000 b/d Ufaneftekhim refineries.

Saratov-Kavkaz 1,680-2,200 1,445-2,100 Exports of Volgograd products from Tatyanka were twice as high as in April last year. But a full-scale export programme for clean products from the port Kstovo-St Petersburg* na 1,800-1,900 is unlikely, despite the expectations of the market participants, a Lukoil source Yaroslavl-St Petersburg na 1,500 says. Gasoline and gasoil were shipped from Tatyanka last month, as well as large Ufa-Sillamae† 3,400.0 na quantities of base oils, as in the same month in 2016. *excluding transshipment costs in Yaroslavl, †excluding The Kstovo river terminal serving Lukoil’s 365,000 b/d Nizhny Novgorod the cost of transshipment in Yaroslavl and Nizhny Yar refinery will be the firm’s key products export terminal in 2017, as was the case last year. Fuel oil shipments from Kstovo began on 2 May on St Petersburg-based Shipment costs, Azov and Black Sea $/t BF Tanker’s Balt Flot-6, which carried a 5,140t cargo to Lukoil’s Vysotsk terminal Route Product May on the Baltic Sea. Supplies are expected to average to about 60,000 t/month this Rostov-on-Don/Azov- Fuel oil, diesel 9.00-12.00 year, as in 2016. Flows could reach 100,000t in some months, but “this figure is Kerch Strait unlikely to be exceeded,” the Lukoil source says. Rostov-on-Don/Azov- Naphtha, diesel 9.00-12.00 Kerch Strait

Taganrog-Kerch strait Fuel oil 8.50-9.50 Turkmen transit on the rise Transit shipments of products from the Turkmenbashi refinery on Russia’s inland Taganrog-Turkish ports Fuel oil 20.00-22.00 waterway system to the Black and Mediterranean seas were 66,600t in April, Azov-Turkish ports Light products 24.00-25.00 compared with just 4,300t a year earlier. The sharp rise in deliveries reflects high Kavkaz-Kerch Strait Fuel oil 5.50-7.0 0 water levels on the Volga-Caspian waterway, which allowed larger cargoes to be Kavkaz-Kerch Strait Naphtha 6.50-8.00 transported, and increased demand for products in Ukraine. Exports from Turk- — market participants menbashi in April comprised 37,400t of gasoil and 29,200t of fuel oil.

Refinery

New floating storage City/town to boost Murmansk Port VGO p5 Oil pipeline Kara Sea Oil pipeline under construction Norway Arctic crude supplies Varandey Barents Sea hit record high p21 Yenisei Murmansk

Novy Port Vitino SW EDEN Nyda Usinsk White Sea

Ob Arkhangelsk

Severnaya Dvina Onega

Yenisei Ukhta Primorsk loads first FINL AND Surgut 100,000t diesel cargo p1 Yakutsk Nizhnevartovsk Helsinki Vysotsk RUSSIA St Petersburg Primorsk Ob Tallinn Kirishi BalticStockholm blending Ust-Luga ESTONIA boom p9 Perm Transneft hikes Ust-Luga Ventspils Angara Yaroslavl Tyumen LATVIA line capacity p18 Nizhny Kama Liepaja Riga Novgorod Yekaterinburg Tobol Krasnoyarsk Mazeikiai Butinge Nizhnekamsk Achinsk Ust-Kut Lithuania Moscow Kazan Klaipeda Polotsk Oka Taishet Novopolotsk Smolensk Novosibirsk Yenisei Red signal for Latvian Vilnius Ufa products returns Omsk Skovorodino Kaliningrad Ryazan Ufa railGdansk supplies p2 Minsk Samara to river system p3

BEL ARUS Dnepr Ishim Gomel Pavlodar Angarsk Mohe Unecha Syzran Orenburg Warsaw Irkutsk Lake Mozyr Saratov Irtysh Astana Baikal Komsomolsk P OLAND larU Orsk De Kastri

Don Amur L’vov Brody Kiev Sakhalin UKRAINE Rosneft expands floating KAZ AKHSTAN Island Drogobych Volga Atasu Kremenchug Lisichansk NadvornayaDnestr Dnepr storage capacity p4 Volgograd Khabarovsk Vanino MOLDOVA Chisinau Rostov- CPC condensate surge p22 Yuzhno-Sakhalinsk HUNGARY Kherson on-Don MON GOLIA Atyrau Daqing Far east products: Pivdenne Azov Tikhoretsk RO MANIA Odessa Sea Fuel oil slumps, Korsakov CROATIA Krasnodar Caspian Aral Sevastopol VGO rises p16 Constanta Sea Sea BOSNIA Danube Grozny Dushanzi Novorossiysk Tuapse Almaty Vladivostok Aktau Bishkek SERBIA GEORGIA UZBEKISTAN Urumqi Nakhodka BULGARIA Burgas Black Sea Poti Chimkent Supsa Makhachkala Tbilisi KYRGYZSTAN Kozmino MACEDONIA Batumi AZERBAIJAN Tashkent Baku ALBANIA NCSP: upgrade will ARMENIA T URKEY Turkmenbashi Fergana improveAnkara efficiency p7 Yerevan TURKMENISTAN Bukhara Sangachal GRE ECE Chardzhou Dushanbe Ashgabat TAJIKISTAN Dalian Sea of Japan Neka Ceyhan JAPAN CHINA SYRIA Tehran Mediterranean Sea I RAQ A FGHANISTAN Baghdad I RAN

P AKISTAN

LIBYA EG YPT SAUDI ARABIA I NDIA

Crude exports

FSU crude exports to non-CIS destinations, Apr Apr YTD ±% ±% ’000t ’000 b/d ’000t ’000 b/d YTD 2016 Mar

Through Russia Transneft system Black Sea 2,855.26 685.79 9,840.66 591.21 -9.87 11.61 Novorossiysk 2,855.26 685.79 9,840.66 591.21 -9.87 11.61 Russian 2,031.14 487.47 6,899.79 413.99 -17.11 13.13 Kazakh 739.34 177.4 4 2,451.63 147.10 11.38 41.68 Azeri 84.79 20.88 489.20 30.12 105.93 -64.18 Baltic 7,493.0 0 1,801.32 28,068.90 1,686.98 8.36 6.18 Primorsk 4,493.53 1,081.44 17,074.07 1,027.29 6.10 10.70 Ust-Luga 2,999.48 719.87 10,994.83 659.69 12.08 0.03 Russian 2,198.47 527.63 7,994.74 479.68 27.94 -1.17 Kazakh 801.00 192.24 3,000.10 180.01 -15.75 3.50 Druzhba 4,176.88 1,003.84 16,510.07 991.98 -4.73 5.30 Germany 1,963.78 471.96 7,376.6 4 443.21 0.74 13.42 Russian 1,829.48 439.68 6,840.04 410.97 0.67 14.39 Belarus 134.30 32.28 536.60 32.24 1.59 1.67 Poland 1,269.83 305.18 4,699.34 282.35 -21.23 23.81 Czech Republic 325.00 78.11 1,180.00 70.90 54.12 15.80 Slovakia 319.40 76.76 1,768.22 106.24 3.99 -36.53 Hungary/Slovenia 298.88 71.83 1,485.87 89.28 -5.66 -29.81 China (via Kazakhstan) 824.00 200.92 3,094.00 188.61 33.34 13.53 China Amur (via ESPO) 1,232.00 305.13 5,367.00 332.31 -4.64 -6.94 Kozmino* 2,804.08 694.48 10,287.65 636.98 0.54 14.98 Total Transneft 19,385.23 4,691.48 73,168.27 4,428.05 1.16 7.28 of which: Russian 17,625.8 0 4,268.64 66,690.70 4,038.59 1.59 7.47 Kazakh 1,540.34 369.68 5,451.73 327.10 -5.39 18.87 Azeri 84.79 20.88 489.20 30.12 105.93 -64.18 Belarus 134.30 32.28 536.60 32.24 1.59 1.67 Russian rail Overland 119.91 30.92 633.76 40.90 -55.65 -26.48 Russian 119.91 30.92 633.76 40.90 -55.65 -26.48 Baltic 25.72 6.57 111.23 7.10 -11.53 -13.94 Kaliningrad 25.72 6.57 111.23 7.10 -11.53 -13.94 CPC** 91.86 23.79 513.42 33.24 -51.18 -29.78 Total Russian rail 119.91 30.92 633.76 40.90 -58.52 -26.48 of which: Russian 119.91 30.92 633.76 40.90 -55.65 -26.48 Russia’s far east 1,515.10 382.75 6,027.30 381.27 2.25 -1.72 Sakhalin Energy (Vityaz) 472.50 123.92 2,053.80 134.66 10.66 -11.13 De Kastri (Sokol) 1,042.60 258.83 3,973.50 246.61 -1.83 3.52 Varandey 805.50 201.11 2,992.00 186.75 17.71 18.72 Murmansk via floating storage† 818.20 196.37 2,522.60 151.36 157.71 41.53 Novy Port Light 504.00 124.34 1,640.00 101.15 303.14 43.47 Prirazlomnaya (Arco Blend) 269.60 62.04 1,077.80 62.00 103.71 3.72 Kaliningrad 58.80 14.23 229.20 13.87 -20.03 42.63 Caspian/central Asia CPC‡ 4,705.81 1,242.33 17,719.89 1,169.51 18.57 -1.36 BTC 2,690.00 671.42 10,780.00 672.67 -3.22 14.15 Kenkiyak-Alashankou 1,147.12 282.57 3,947.62 243.11 15.93 26.17 Russian transit‡‡ 822.29 202.56 3,087.49 190.14 33.14 13.54 Kazakh exports 324.83 80.02 860.13 52.97 -20.82 75.64 Caspian 289.33 72.34 1,425.51 89.26 -33.38 -19.41 Supsa (AIOC) 260.00 64.90 1,146.30 71.53 -23.11 -0.49 Batumi 29.33 7.45 279.21 17.73 -53.36 -69.66 FSU total 30,620.84 7,559.18 115,845.23 7,153.36 3.93 6.89 *Includes crude delivered to the port by rail **Included in CPC total below †Exports from Murmansk floating storage, although not all crude delivered to floating storage may be exported in the given month ‡Includes rail supplies from Russia ‡‡Included in Transneft data (China via Kazakhstan) above

FSU product exports

FSU product exports, Apr ’000t Fuel oil Diesel/gasoil Jet-kerosine ±% YTD ±% YTD ±% YTD Apr ±% Mar YTD Apr ±% Mar YTD Apr ±% Mar YTD 16 16 16

Baltic and northern ports 2,236 -25.9 11,392 -8.4 2,577 -1.4 10,847 -4.7 127 19.3 465 -11.7 Ventspils 124 -46.4 834 59.6 774 10.6 2,655 20.1 Klaipeda 120 -45.1 823 -43.1 0 -100.0 283 -19.6 Tallinn* 127 -57.5 756 -8.2 20 29.2 36 -78.0 Primorsk 1,268 -1.0 5,132 1.4 Sillamae 103 -42.2 705 55.2 St Petersburg 236 -34.3 1,267 -14.4 90 55.0 410 -18.1 0 -100.0 30 na Riga 41 3.3 226 15.7 32 -62.8 474 -67.4 Kaliningrad 62 5.0 230 146.7 Arkhangelsk 0 nc 15 -24.4 20 -13.9 44 -40.0 Liepaja 0 -100.0 6 na Murmansk Vysotsk 263 -20.3 1,224 -6.3 292 -18.7 1,421 3.8 Vitino/Kandalaksha Ust-Luga 1,222 -10.4 5,557 -9.9 39 -4.0 185 15.9 107 55.7 391 4.0 Black Sea total 2,076 -3.0 8,390 42.4 1,364 -12.8 5,610 5.3 32 na 32 na Novorossiysk 461 -19.0 1,985 1.5 658 -12.9 2,914 21.5 Tuapse 365 -4.0 1,493 11.0 491 -4.8 1,833 0.4 Odessa 97 8.9 299 141.2 Batumi 25 7.6 65 -80.1 21 35.6 58 -40.3 32 na 32 na Kulevi 50 -13.9 290 4,773.6 71 11.2 263 3.2 Ilichevsk 73 -39.2 418 519.8 0 -100.0 29 na Kerch 95 -35.8 707 -13.3 60 -11.4 165 -68.1 Pivdenne/Yuzhny 113 60.0 385 558.0 0 nc 6 na Kavkaz 0 nc 53 -60.4 63 -39.7 266 76.5 Sevastopol Taganrog 0 nc 23 -50.7 Nikolayev 167 7.9 508 103.3 0 -100.0 76 -8.8 Taman 630 19.4 2,164 183.4 Pacific total 315 56.5 653 -39.5 271 -15.7 1,303 29.7 Nakhodka 71 46.7 251 na 218 -14.3 1,091 na Vostochny 0 -100.0 15 na Vladivostok 53 -11.7 205 213.2 Vanino Slavyanka 121 105.0 182 3,570.3 0 -100.0 7 -70.6 Overland 27 na 27 -43.3 66 62.4 186 11.0 7 -51.8 41 195.3 China Finland 4 -48.3 12 na Hungary Moldova 0 -100.0 5 26.0 Mongolia 66 62.4 186 34.9 3 -38.0 24 142.0 Poland 27 na 27 na Romania Slovakia Total 4,654 -13.2 20,462 5.2 4,278 -5.8 17,946 0.4 166 37.2 538 -0.8 *includes loadings from Alexela Paldiski terminal †includes product supplied by river ‡ loadings from floating storage (product supplied by river)

FSU product exports

FSU product exports, Apr ’000t Gasoline VGO Naphtha ±% YTD ±% YTD ±% YTD Apr ±% Mar YTD Apr ±% Mar YTD Apr ±% Mar YTD 16 16 16

Baltic and northern ports 596 0.0 2,444 -17.4 561 41.7 2,278 3.3 990 -3.4 4,474 -1.6 Ventspils 131 -0.5 551 -38.2 24 -43.6 193 -55.5 Klaipeda 236 41.8 829 -17.6 0 nc 13 na Tallinn* 63 -49.5 407 28.6 86 28.8 353 -63.9 0 nc 8 -84.5 Primorsk Sillamae† 31 -2.9 253 -45.1 St Petersburg† Riga 57 -0.2 213 -28.2 79 73.7 388 -32.5 5 -60.3 88 na Kaliningrad 0 -100.0 28 4.6 Arkhangelsk 24 -47.2 187 -28.0 Liepaja 10 106.7 15 na Murmansk 181 107.8 496 432.1 120 0.8 486 83.5 Vysotsk 30 -31.1 224 na 136 -6.3 668 1.9 Vitino/Kandalaksha Ust-Luga 109 -6.1 444 -1.0 154 27.3 564 na 671 4.6 2,788 -2.3 Black Sea total 31 -19.9 115 11.5 859 64.7 2,835 8.2 561 -24.7 2,561 62.6 Novorossiysk 140 8.0 726 -5.8 125 1.7 373 na Tuapse 153 9.0 602 134.4 348 -7.1 1,569 45.0 Odessa 0 -100.0 73 na Batumi 22 -35.0 92 10.4 121 71.3 373 na Kulevi 0 nc 6 -82.7 Ilichevsk Kerch strait‡ 279 357.6 458 842.5 Pivdenne/Yuzhny Kavkaz 9 86.0 23 16.0 0 -100.0 11 na Sevastopol Taganrog Nikolayev Taman 166 73.3 603 -55.9 88 -64.3 602 34.6 Pacific total 107 -16.9 821 762.3 93 -17.9 386 -32.5 Nakhodka 27 -3.8 137 na Vostochny 66 -22.5 249 na Vladivostok Vanino Slavyanka 45 -18.4 341 na Overland 35 9.6 127 5.0 39 18.5 151 9.5 31 -23.7 148 62.2 China Finland 39 18.5 151 9.5 30 -16.2 132 54.8 Hungary Moldova Mongolia 35 9.6 127 5.0 1 -79.3 16 168.9 Poland Romania Slovakia Total 662 -0.7 2,686 -15.6 1,566 45.1 6,085 20.3 1,675 -12.9 7,569 11.4 All products 13,001 -5.1 55,286 4.5 *includes loadings from Alexela Paldiski terminal †includes product supplied by river †† loadings from floating storage (product supplied by river)

Pipeline crude exports

Russian pipeline exports, Apr ’000t

Exporter Germany Czech Rep. Hungary Ust-Luga China China Total Exports

Novorossiysk Poland Slovakia Primorsk Kozmino (Kaz.) (ESPO) exports ’000 b/d

Total exports through Russia 2,855.26 1,963.78 1,269.83 325.00 319.40 298.88 4,493.53 2,999.48 2,804.08 824.00 1,232.00 19,385.23 4,691.23 Total exports by Russia 2,031.14 1,829.48 1,269.83 325.00 319.40 298.88 4,493.53 2,198.47 2,804.08 824.00 1,232.00 17,625.80 4,265.44

Oil companies 2,031.14 1,829.48 1,269.83 325.00 319.40 298.88 4,493.53 2,198.47 2,804.08 824.00 1,232.00 17,625.80 4,265.44 Rosneft 577.40 933.70 870.00 240.00 83.33 83.33 1,640.05 1,198.58 1,104.53 824.00 1,232.00 8,786.92 2,126.44 Rosneft 437.66 246.70 341.45 240.00 83.33 83.33 1,351.61 1,090.72 2.43 200.00 4,077.24 986.69 Udmurtneft 208.55 208.55 50.47 Vankorneft 99.86 299.40 919.98 1,319.24 319.26 Verkhnechonskneftegaz 692.50 692.50 167.59 Bashneft 139.74 280.00 88.97 5.20 513.91 124.37 NNP 40.00 40.00 9.68 Uvatneftegaz 824.00 824.00 199.41 Samotlorneftegaz 337.0 0 337.0 0 81.55 Suzun 99.79 112.02 211.81 51.26 Messoyahaneftegaz 25.65 99.68 125.33 30.33 Taas-Yuryakh Neftegazdobycha 105.00 105.00 25.41 Tagulskoye 8.00 8.00 1.94 Samaraneftegas 324.35 324.35 78.49 Lukoil 912.57 1,098.14 99.91 2,110.62 510.77 Lukoil 912.57 1,019.34 99.91 2,031.82 491.70 Lukoil West Sib 633.49 461.85 99.91 1,195.25 289.25 Lukoil-AIK 97.99 97.99 23.71 Lukoil-Komi 557.50 557.50 134.91 Ritek 176.21 176.21 42.64 Tursunt 4.88 4.88 1.18 Lukoil-Komi 78.80 78.80 19.07 Surgutneftegaz 398.90 400.00 800.00 800.00 2,398.90 580.53 Gazpromneft 237.96 211.90 499.23 238.69 1,187.78 287.44 Obneftegazgeologiya 48.00 48.00 11.62 Gazpomneft-Noyabrskneftegaz 18.46 18.46 4.47 Gazprom neft 171.49 211.90 499.23 238.69 1,121.31 271.36 Gazpromneft-Vostok 40.02 40.02 9.69 Gazpromneft-Khantos 13.49 86.71 499.23 599.44 145.06 Salym Petroleum 158.00 158.00 38.24

Novorossiysk exporters, Apr Druzhba exporters, Apr

’000t ’000t

Tatneft, Rosneft, 577 1,031 Surgutneftegaz, Kazakhstan, Gazpromneft, 399 739 238

Rosneft, Small 2,210 Gazpromneft, producers, 207 212 Lukoil, Belarus, 134 913 Azerbaijan, 85 Small Russneft, 80 producers, 101 Neftisa, 75 Tatneft, 17 Russneft, 15

Pipeline crude exports

Russian pipeline exports, Apr ’000t

Exporter Germany Czech Rep. Hungary Ust-Luga China China Total Exports

Novorossiysk Poland Slovakia Primorsk Kozmino (Kaz.) (ESPO) exports ’000 b/d

Tomskgazprom 38.87 38.87 9.41 Tomskneft 159.80 159.80 38.67 Messoyahaneftegaz 125.19 125.19 30.30 Tatneft 16.84 250.00 399.83 85.00 166.00 130.00 293.75 99.89 1,441.31 348.80 Tatneft 8.53 250.00 399.83 85.00 166.00 130.00 293.75 99.89 1,433.00 346.79 Tatneft-Samara 8.31 8.31 2.01 Russneft 79.88 15.07 100.00 194.94 47.18 Varyeganneft 20.00 8.28 28.28 6.84 Russneft 59.88 15.07 91.72 166.67 40.33 Neftisa 74.93 143.74 218.67 52.92 Udmurt Oil Co 23.00 23.00 5.57 CanBaikal Resourses 7.0 0 7.0 0 1.69 ENES 5.47 5.47 1.32 Samarainvestneft 18.00 18.00 4.35 Belkamneft 104.28 104.28 25.23 Regional Oil Consortium 24.65 27.0 0 51.65 12.50 Samara 9.29 9.29 2.25

Russian private producers 206.51 34.98 55.00 10.61 418.62 560.95 1,286.66 311.37 Aloil 10.21 10.21 2.47 Alyansneftegaz 8.21 8.21 1.99 Dinyu 3.25 3.25 0.79 Dulisma 145.63 145.63 35.24 Geologic Research Center 4.55 4.55 1.10 Kolvinskoye 27.0 0 27.0 0 6.53 Inga 6.00 6.00 1.45 INK 330.91 330.91 80.08 INK 195.41 195.41 47.29 INK-Zapad 130.00 130.00 31.46 INK-Neftegazgeologiya 5.50 5.50 1.33 Intek-West Siberia 0.75 0.75 0.18 Khit R 3.00 3.00 0.73 Kolvaneft 2.00 25.96 27.96 6.77 Makoil 0.50 0.50 0.12

Baltic exporters, Apr Kozmino exporters, Apr

’000t ’000t

Lukoil, Kazakhstan, 801 1,098 Surgutneftegaz, 800 Small Surgutneftegaz, Gazpromneft, producers, 1,200 499 561

Small producers, 419 Rosneft, Rosneft, Gazpromneft, 2,839 1,105 Tatneft, 394 239

Neftisa, 144 Lukoil, 100 Russneft, 100

Pipeline crude exports

Russian pipeline exports, Apr ’000t

Exporter Germany Czech Rep. Hungary Ust-Luga China China Total Exports

Novorossiysk Poland Slovakia Primorsk Kozmino (Kaz.) (ESPO) exports ’000 b/d

NeftUs 14.04 14.04 3.40 Nord Imperial 1.20 1.20 0.29 Novatek-Tarcosaleneftegas 109.00 109.00 26.38 Orenburgnefteotdacha 2.57 2.57 0.62 Pechoraneft 28.00 28.00 6.78 Pechoraneft 28.00 28.00 6.78 PolarLights 10.20 10.20 2.47 Purneft 3.30 3.30 0.80 Region-neft 9.00 5.00 14.00 3.39 Rusvietpetro 146.99 146.99 35.57 Sadakoil 0.76 0.76 0.18 Salym Petroleum 50.00 50.00 12.10 Tatex 15.80 15.80 3.82 Tatnefteprom 8.70 8.70 2.11 Tatoilgaz 14.84 14.84 3.59 TNS-Razvitie 2.14 2.14 0.52 Troitskneft 7.65 7.65 1.85 TsNPSEI 3.83 3.83 0.93 Ulyanovskneftegaz 2.30 2.30 0.56 UNK-Perm 2.44 2.44 0.59 YARGEO 32.82 60.00 92.82 22.46 GNT 4.50 4.50 1.09 NNK-VTK 15.00 15.00 3.63 Vostokinvestneft 0.50 0.50 0.12 PNG 1.00 1.00 0.24 Tatnefteotdacha 25.00 25.00 6.05 Priazovneft 1.60 1.60 0.39 Zarubezhneft-Khariyaga 119.00 119.00 28.80 Yukola-Neft 16.54 5.00 21.54 5.21

Transit through Transneft system 824.13 134.30 801.00 1,759.43 425.78 Kazakhstan 739.34 801.00 1,540.34 372.76 Azerbaijan 84.79 84.79 20.52 Belarus 134.30 134.30 32.50

Exports by route Exports by producer ’000t ’000t 18 35 Jan-Apr 16 16 Jan-Apr 16 30 14 Jan-Apr 17 Jan-Apr 17 25 12 10 20 8 15

6 10 4 5 2 0 0

Russian rail data

Russian rail exports-imports, Apr ’000t

Exporter Crude Condensate Naphtha Gasoil Fuel oil Lubricants Others

Apr ±% Mar YTD Gasoline Kerosine VGO Bitumen LPG Apr ±% Mar YTD

Russian exports by railroad Overland Afghanistan 2.72 2.11 1.49 6.32 -68.08 69.82 Azerbaijan 0.04 0.56 0.02 0.62 -27.26 56.02 Belarus 0.72 2.71 2.35 7.62 14.52 68.41 40.20 61.12 8.57 1.18 59.51 0.15 263.62 -13.74 1,133.71 China 0.24 0.11 6.71 7.07 7.17 28.50 Estonia 9.12 0.45 9.65 19.22 -4.66 55.94 Finland 17.4 4 29.95 4.48 39.38 1.07 51.13 5.19 148.64 -5.23 604.46 Georgia 8.91 0.11 1.85 0.18 0.12 11.16 -38.34 67.05 Hungary 6.10 0.24 6.34 -50.14 46.60 Kazakhstan 79.65 0.15 37.4 4 10.03 11.46 31.61 4.45 0.19 5.28 180.28 -3.77 721.67 Korea 1.53 0.02 0.51 2.05 87.59 4.69 Kyrgyzstan 32.18 12.13 53.37 12.86 1.55 0.24 112.33 24.74 378.04 Latvia 4.26 3.54 7.27 0.12 15.19 -66.59 133.01 Lithuania 17.34 0.06 1.68 19.07 -39.48 104.66 Moldova 0.37 4.06 4.43 -39.79 23.91 Mongolia 35.03 1.42 2.77 66.16 0.18 4.54 6.08 3.11 0.02 119.30 20.10 410.84 Poland 27.42 0.85 109.36 7.97 145.61 30.38 494.93 Romania 1.27 5.58 0.19 7.0 4 35.41 17.99 Slovakia 3.02 3.02 -71.04 26.40 Tajikistan 1.81 0.65 1.30 1.19 3.36 8.31 -67.0 4 113.71 Turkmenistan 0.36 0.04 0.40 57.34 1.26 Ukraine 2.00 0.05 5.22 11.61 63.54 4.94 87.37 -9.32 311.23 Uzbekistan 0.05 17.27 18.78 0.96 37.07 -39.87 260.77 Vladikavkaz 0.00 -100.00 0.81 Sea ports: Baltic Kaliningrad 25.72 -16.71 111.23 28.31 16.60 44.84 6.96 96.71 -14.77 473.54 Svetly 25.72 -16.71 111.23 28.31 8.76 44.84 6.96 88.87 -14.23 427.63 Baltiysk 7.8 4 7.8 4 -20.42 45.91 Klaipeda 41.87 23.47 65.35 -12.42 158.07 Liepaja 4.06 6.46 10.52 -24.07 77.16 Paldiski 0.75 2.52 4.79 8.06 -78.50 148.93 Riga 95.75 15.72 0.07 49.79 41.56 5.56 8.91 217.35 -39.87 1,547.47 Sillamae 41.32 41.32 438.71 156.47 St. Petersburg 10.02 61.54 40.80 114.61 2.39 0.68 0.07 230.12 -27.88 1,367.52 St. Petersburg 10.02 61.54 40.80 114.61 2.39 0.68 0.07 230.12 -27.88 1,363.95 Tallinn 1.87 1.87 -25.05 36.11 Muuga 1.87 1.87 -25.05 9.98 Ust-Luga 110.02 325.23 94.80 1,298.33 182.19 2,010.56 -3.40 8,413.03 Ventspils 57.68 65.65 1.73 125.06 -29.52 823.99 Vysotsk 131.61 193.57 64.50 285.00 674.68 -2.69 2,910.14 Barents Sea Murmansk 111.13 53.87 165.00 1.22 624.67 White Sea Arkhangelsk 22.98 34.56 1.97 59.51 -3.90 258.80 Black Sea Azov 0.61 2.00 10.72 13.32 -80.81 196.60 Eisk 13.53 13.53 -24.62 86.04 Kavkaz 8.95 0.26 63.49 7.34 0.05 80.09 -34.74 385.31 Kerch 4.61 4.61 -59.14 34.18 Novorossiysk 116.22 641.72 89.50 457.54 0.39 1,305.37 -16.71 5,929.73 Reny 0.70 0.70 -24.51 3.46 Taganrog 2.02 2.02 -87.52 78.99 Temryuk 12.89 12.89 -36.17 82.22 Tuapse 294.00 241.71 139.49 675.20 -15.34 2,669.70 Vishesteblievskaya 129.71 91.35 595.34 20.28 836.68 6.43 3,283.35 Caspian Sea Astrakhan 2.11 -0.11 8.22 0.06 CPC 91.86 -32.05 513.42 81.96 81.96 21.62 273.85 Pacific Nakhodka 102.73 260.01 50.75 4.42 417.91 7.35 1,610.72

Russian rail data

Russian rail exports-imports, Apr ’000t

Exporter Crude Condensate Naphtha Gasoil Fuel oil Lubricants Others

Apr ±% Mar YTD Gasoline Kerosine VGO Bitumen LPG Apr ±% Mar YTD

Slavyanka 51.09 52.62 103.71 -33.24 529.10 Vanino 31.15 12.48 142.94 186.58 16.66 660.12 Vladivostok 0.00 -100.00 0.03 Total Russian exports 120.41 -28.40 635.58 149.40 284.21 1,573.87 104.24 1,891.86 617.07 3,143.65 67.34 97.45 555.05 187.05 8,671.20 -9.70 37,913.3

Kazakh exports thr. Russia Overland Azerbaijan 0.48 0.48 -70.37 12.30 Belarus 12.04 -4.74 55.01 0.17 0.29 0.46 -86.66 8.07 Estonia 0.12 1.32 1.44 -68.63 6.03 Georgia 5.49 7.68 13.18 -75.89 454.57 Hungary 6.28 6.28 -31.95 32.38 Poland 23.71 1.63 25.34 10.26 101.68 Romania 5.75 5.75 1.31 22.08 Slovakia 8.78 8.78 22.39 32.02 Ukraine 6.63 66.37 11.92 0.68 4.30 4.98 2.18 25.63 Sea ports Kavkaz 0.00 -100.00 10.19 Nakhodka 0.09 0.09 -91.51 1.09 Novorossiysk 7.30 7.30 91.33 13.59 Odessa 33.27 33.27 -19.11 135.04 Riga 0.06 5.39 5.76 11.21 -29.49 54.60 St. Petersburg 1.16 0.53 1.69 -59.07 7.48 Temryuk 3.18 3.18 na 5.53 Vishesteblievskaya 33.43 67.28 115.60 19.80 236.12 4.47 621.03 Vladivostok 1.24 1.24 1,549.12 1.56 Total Kazakh exports 18.67 12.30 66.93 33.43 0.82 74.92 136.50 105.08 10.03 360.78 -12.09 1,545.62 through Russia Total Russian exports 139.09 -24.74 702.52 182.83 284.21 1,574.70 104.24 1,891.86 691.99 3,280.15 67.34 97.45 660.13 197.08 9,031.98 -9.80 39,458.9 and Kazakh Transit

Russian imports by railroad Border crossings Azerbaijan 2.10 19.67 21.77 -20.50 86.54 Belarus 4.29 0.78 7.38 0.46 2.54 0.97 16.42 165.01 29.95 China 0.00 -100.00 0.06 Estonia 0.11 0.11 na 0.13 Finland 0.97 2.08 0.28 3.33 -30.74 15.26 Kazakhstan 0.05 0.05 0.13 1.40 5.44 7.06 39.48 23.52 Latvia 0.24 0.28 2.00 2.52 -39.01 10.97 Lithuania 2.26 0.29 0.50 0.37 0.53 3.96 165.41 8.33 na 1.20 0.31 0.02 0.65 1.30 3.49 -8.94 15.65 Ukraine 0.32 0.32 na 0.50 Sea ports Novorossiysk 1.53 1.53 na 1.53 St. Petersburg 0.32 1.37 1.69 33.96 5.83 Vladivostok 0.09 1.17 0.15 1.42 61.56 3.74 Vostochny 0.02 0.78 0.02 0.82 7.26 3.22 Taganrog 0.00 -100.00 0.07 Nakhodka 8.43 8.43 74.77 13.26 Total Russian imports 6.61 2.03 7.99 0.74 1.10 0.70 0.65 4.94 7.12 41.02 72.87 19.93 218.56

Kazakh imports thr. Russia Overland Belarus 0.46 0.22 0.02 0.70 4.28 2.17 Estonia 0.00 -100.00 0.14 Finland 0.33 0.33 12.35 1.49 Latvia 1.07 0.14 1.21 -43.49 5.45 St Petersburg 0.00 -100.00 0.23 Vostochny 0.13 0.02 0.15 -62.92 1.08 Total Kazakh imports thr. Russia 0.46 1.75 0.02 0.16 2.39 -37.02 10.56

Russian rail data

Russian rail exports-imports, Apr ’000t

Exporter Crude Condensate Naphtha Gasoil Fuel oil Lubricants Others

Apr ±% Mar YTD Gasoline Kerosine VGO Bitumen LPG Apr ±% Mar YTD

Imports through Russia Afghanistan Latvia 0.00 -100.00 11.09 Azerbaijan Belarus 0.06 0.06 -73.05 0.49 Latvia 0.12 0.11 0.23 -11.57 1.20 Ukraine 0.05 0.05 -74.79 0.70 Belarus Belarus 0.00 -100.00 0.08 na 0.19 -77.74 1.39 0.06 0.06 na 0.06 China Belarus 0.39 0.13 0.53 9.61 1.28 Latvia 0.06 0.06 -48.34 0.17 Finland na 0.00 -100.00 0.57 Georgia na 0.00 -100.00 1.76 Kyrgyzstan Belarus 0.00 -100.00 0.12 Latvia 0.55 0.02 0.57 -12.82 2.32 Latvia Latvia 0.00 -100.00 1.21 Lithuania Latvia 0.00 -100.00 0.06 Mongolia Belarus 0.09 0.04 0.13 25.75 0.33 Latvia 0.16 0.02 0.18 -1.28 0.56 Vladivostok 0.16 0.16 498.02 0.18 Vostochny 0.03 0.03 na 0.10 Poland Lithuania 2.38 2.38 -8.21 11.40 Russia 0.15 0.15 -35.57 0.44 Tajikistan Belarus 0.11 0.11 -32.58 0.37 Latvia 0.09 0.02 0.12 43.57 0.29 Turkmenistan Belarus 0.10 0.10 na 0.14 Latvia 0.18 0.22 0.39 417.82 1.01 Ukraine 0.13 0.13 -32.98 0.39 Ukraine Azerbaijan 0.30 1.25 1.55 -2.62 4.96 na 0.24 na 0.30 Ukraine 0.00 -100.00 0.10 Uzbekistan Belarus 0.05 0.13 0.18 -26.09 0.82 Latvia 1.07 0.17 1.24 -17.70 4.23 Ukraine 0.29 0.06 0.35 20.09 1.04 Vladivostok 0.10 0.10 16.28 0.27 Vostochny 0.31 0.31 na 0.35 Liepaja Latvia 0.00 -100.00 0.05 Novorossiysk na 0.06 0.06 na 0.25 Odessa Ukraine 0.45 0.45 na 0.45 Temryuk na 0.41 0.41 na 0.41

Transit thr Baltiysk 0.45 0.45 191.42 1.39 Transit thr Klaipeda 0.00 -100.00 0.22 Transit thr Riga 0.06 0.06 -94.70 3.62 Transit thr Svetly 0.30 2.05 2.35 102.07 11.07 Transit thr Ventspils 0.21 0.06 0.27 43.54 1.51 Transit thr Visheste. 0.78 1.16 2.80 0.87 5.61 34.71 13.77

Total other imports 0.43 -49.37 1.69 1.08 3.00 0.06 1.16 2.93 4.09 4.41 2.12 18.85 7.07 90.54 through Russia

R ail exports

Russian rail exports in detail, Apr ’000t Russian rail exports in detail, Apr ’000t Destination Freight Sender Station Volume Destination Freight Sender Station Volume

Latvia Heavy oil residues Antipinsky refinery Turinski 14.46 Ventspils Naphtha No data No data 0.12 Heavy oil residues Mariy El refinery Nuzhyaly 31.34 Naphtha No data Latnaya 0.90 Heavy oil residues No data No data 3.99 Naphtha No data No data 0.94 Heavy oil residues Transit (Latvia) Posin 0.06 Naphtha No data Berezki 0.14 MGO No data No data 0.06 Naphtha Nizhnekamsk ref (Taneko) Biklyan 7.63 MGO Novokuibyshevsk petchem Kinel 0.36 Naphtha Ryazan refinery Stenkino-2 40.03 Pyrolysis products No data No data 1.13 Naphtha Transit (Latvia) Posin 0.15 Pyrolysis products Transit (Kazakhstan) Aksarayskaya-2 5.64 Gas condensate dist. No data No data 1.98 Pyrolysis products Ufaorgsintez Loshhinnaya 7.39 Gas condensate dist. Novokuibyshevsk petchem Kinel 2.28 Riga Oils and lubricants Nizhnekamsk ref (Taneko) Biklyan 0.43 Gas condensate dist. Orsk refinery Nikel 0.50 Total Riga 228.63 Gas condensate dist. Salavat refinery Allaguvat 3.16 Latvia (internal) Gas condensate dist. Transit (Latvia) Posin 0.06 Valmiera Propane N. Novgorod refinery Zeletsino 0.07 Gasoil Angarsk refinery Sukhovskaya 2.84 Propane-butane fr. Perm refinery Osentsy 0.15 Gasoil Krasnoleninsk ref Nyagan 3.04 Vangazi Naphtha No data No data 0.22 Gasoil Moscow refinery Yanichkino 26.91 Naphtha Nizhnekamsk ref (Taneko) Biklyan 4.04 Gasoil No data No data 3.58 Daugavpils Oils and lubricants No data No data 0.12 Gasoil Nizhnevartovsk ref Nizhnevartovsk-2 29.28 Oils and lubricants Nizhnekamsk ref (Taneko) Biklyan 1.10 Gasoil Transit (Latvia) Posin 0.06 Oils and lubricants Omsk refinery Kombinatskaya 0.35 Coke No data No data 0.41 Oils and lubricants Yaroslavl refinery Novoyaroslavskaya 0.53 Other light products Stavrolen Budennovsk 0.97 Propane Zaikinsk GPP Tyulpan 0.23 Pyrolysis products Novokuibyshev ref Novokuibyshevskaya 0.36 Propane Minnibayevsky GPP Kulsharipovo 0.60 Total Ventspils 125.33 Propane N. Novgorod refinery Zeletsino 0.14 Liepaja Gasoil Moscow refinery Yanichkino 3.83 Propane-butane fr. Orenburg GPP Kargala 1.90 Gasoil No data No data 0.23 Propane-butane fr. Perm refinery Osentsy 1.88 Oils and lubricants No data No data 0.18 Propane-butane fr. Yuzhno-Urals Co Kargala 0.21 Oils and lubricants Nizhnekamsk ref (Taneko) Biklyan 0.57 Others No data No data 0.06 Oils and lubricants Novokuibyshev ref Novokuibyshevskaya 1.00 Olaine Isobutane Novokuibyshevsk petchem Novokuibyshevskaya 0.29 Oils and lubricants Perm refinery Osentsy 4.49 Propane N. Novgorod refinery Zeletsino 0.47 Oils and lubricants Yaroslavl refinery Novoyaroslavskaya 0.24 Propane-butane fr. No data No data 0.03 Total Liepaja 10.52 Propane-butane fr. Orenburg GPP Kargala 0.84 Riga Propane-butane fr. Perm refinery Osentsy 0.47 Bolderaja Butane-butylene fr. Moscow refinery Yanichkino 0.31 Rezekne Oils and lubricants Angarsk refinery Sukhovskaya 0.29 Propane N. Novgorod refinery Zeletsino 1.36 Riga-Precu Oils and lubricants No data No data 0.06 Propane-butane fr. Orenburg GPP Kargala 0.30 Oils and lubricants Syzran refinery Syzran-1 0.06 Propane-butane fr. Perm refinery Osentsy 3.00 Oils and lubricants Yaroslavl refinery Novoyaroslavskaya 0.18 Propane-butane fr. Sosnogorsk GPP Vetlasyan 0.58 Paraffin Kirishi refinery Kirishi 0.06 Ziemelblazma Gasoil Moscow refinery Yanichkino 2.97 Shkirotava Oils and lubricants Nizhnekamsk ref (Taneko) Biklyan 0.72 Gasoil No data No data 1.09 Oils and lubricants Omsk refinery Kombinatskaya 0.06 Oils and lubricants Perm refinery Osentsy 0.06 Oils and lubricants Perm refinery Osentsy 0.06 Mangali Naphtha Kuibyshev refinery Kryazh 50.83 Total Latvia (internal) 15.19 Naphtha No data No data 3.45 Total in/through Latvia 379.67 Naphtha Novokuibyshev ref Novokuibyshevskaya 5.35 Lithuania Naphtha Syzran refinery Syzran-1 1.93 Klaipeda Alkylbenzene No data No data 0.33 Naphtha Transit (Kazakhstan) Aksarayskaya-2 0.06 Alkylbenzene Novoufimsk refinery Novoufimskaya 0.61 Gas condensate dist. Mariy El refinery Nuzhyaly 11.63 Gas condensate dist. No data No data 41.87 Gas condensate dist. No data No data 2.28 Isopentane fr. Minnibayevsky GPP Kulsharipovo 0.39 Gas condensate dist. Salavat refinery Allaguvat 20.28 Isopentane fr. Tobolsk-Neftekhim Tobolsk 5.45 Gasoil Moscow refinery Yanichkino 10.88 Pentane fr. Tobolsk-Neftekhim Tobolsk 12.84 Gasoil No data No data 0.36 Pyrolysis products Ufaorgsintez Loshhinnaya 3.85 Fuel oil Transit (Kazakhstan) Ozinki 5.39 Total Klaipeda 65.35 Oils and lubricants No data No data 1.95 Lithuania (internal) Oils and lubricants Nizhnekamsk ref (Taneko) Biklyan 25.15 Vevis Slack wax distillate Novokuibyshev ref Novokuibyshevskaya 0.21 Oils and lubricants Novokuibyshev ref Novokuibyshevskaya 7.50 Slack wax distillate Omsk refinery Kombinatskaya 0.32 Oils and lubricants Syzran refinery Syzran-1 0.12 Paraffin Perm refinery Osentsy 0.20 Oils and lubricants Ufaneftekhim Zagorodnyaya 2.98 Petrolatum Volgograd refinery Tatyanka 0.29 Oils and lubricants Yaroslavl refinery Novoyaroslavskaya 3.36 Petrolatum Novokuibyshev ref Novokuibyshevskaya 0.32 Paraffin Transit (Kazakhstan) Ozinki 0.06 Kaunas Oils and lubricants Perm refinery Osentsy 0.06 Petrolatum Transit (Kazakhstan) Ozinki 0.06 Kupiskis Slack wax distillate Volgograd refinery Tatyanka 0.25 Pyrolysis tar Nizhnekamsk refinery Biklyan 0.06 Petrolatum Volgograd refinery Tatyanka 0.10 Fuel oil No data No data 0.07 Bugenai Gas condensate No data No data 0.06 Pyrobenzene Nizhnekamsk refinery Biklyan 0.33 Gas condensate Yuzhno-Urals Co Kargala 17.28

Rail exports

Russian rail exports in detail, Apr ’000t Russian rail exports in detail, Apr ’000t Destination Freight Sender Station Volume Destination Freight Sender Station Volume

Total Lithuania (internal) 19.07 Naphtha VPK Oil Kochenevo 6.97 Total in/through Lithuania 84.42 Gas condensate dist. Salavat refinery Allaguvat 3.94 Estonia Gasoil Volgograd refinery Tatyanka 25.57 Muuga Naphtha No data Buzuluk 0.85 Gasoil Kambarskaya neftebasa Kama 30.99 Naphtha No data No data 1.02 Gasoil No data No data 0.94 Total Muuga 1.87 Gasoil N. Novgorod refinery Zeletsino 52.40 Paldiski Naphtha Angarsk refinery Sukhovskaya 0.75 Gasoil Perm refinery Osentsy 83.67 Isobutane Tobolsk-Neftekhim Tobolsk 2.52 Fuel oil No data No data 1.29 Isopentane fr. No data No data 0.21 Fuel oil N. Novgorod refinery Zeletsino 99.21 Isopentane fr. Tobolsk-Neftekhim Tobolsk 2.28 Fuel oil Nizhnekamsk ref (Taif) Biklyan 123.89 Residual oil Salavat refinery Salavat 1.23 Fuel oil Perm refinery Osentsy 13.27 Pentane fr. Tobolsk-Neftekhim Tobolsk 1.01 Fuel oil Ukhta refinery Vetlasyan 47.34 Pyrolysis products N. Novgorod refinery Zeletsino 0.06 Fuel oil No data No data 0.56 Total Paldiski 8.06 Fuel oil Nizhnekamsk ref (Taif) Biklyan 30.94 Sillamae Fuel oil Salavat refinery Allaguvat 33.01 Vaivara Coke Antipinsky refinery Turinski 38.21 Total Vysotsk 674.68 Residual oil Nizhnekamsk refinery Biklyan 0.70 Baltiysk Naphtha No data No data 1.01 Residual oil Salavat refinery Salavat 1.22 Naphtha Nizhnekamsk ref (Taneko) Biklyan 6.84 Pyrolysis tar Angarsk refinery Kitoj-Kombinatsky 1.19 Naphtha Transit (Lithuania) Nesterov 0.45 Total Sillamae 41.32 Total Baltiysk 8.29 Estonia (internal) Zheleznodoro- Butane Tobolsk-Neftekhim Tobolsk 1.31 Kohtla Naphtha Transit (Kazakhstan) Aksarayskaya-2 0.12 zhnyi Propane Tobolsk-Neftekhim Tobolsk 1.18 Other light products Stavrolen Budennovsk 1.23 Other LPG Transit (Lithuania) Sovetsk 1.59 Residual oil Nizhnekamsk refinery Biklyan 4.66 Total Zheleznodorozhny 4.08 Tars Angarsk refinery Kitoj-Kombinatsky 2.24 Svetly Pyrolysis products N. Novgorod refinery Zeletsino 0.95 Baltiysky Les Gas condensate Transit (Lithuania) Nesterov 0.30 Pyrolysis products Novokuibyshev ref Novokuibyshevskaya 0.57 Gas condensate Yuzhno-Urals Co Kargala 28.31 Pyrolysis products Transit (Kazakhstan) Aksarayskaya-2 1.32 Gas condensate dist. No data No data 8.76 Reola Isobutane Novokuibyshevsk petchem Novokuibyshevskaya 0.15 Gas condensate dist. Nizhnekamsk ref (Taneko) Biklyan 44.84 Propane Omsk refinery Kombinatskaya 0.10 Gas condensate dist. Transit (Lithuania) Nesterov 2.05 Muuga Gasoil Moscow refinery Yanichkino 5.69 Oils and lubricants No data No data 0.12 Gasoil No data No data 0.30 Oils and lubricants Perm refinery Osentsy 6.84 Gasoil No data Berezki 0.05 Crude oil Kaliningradmorneft Znamensk 25.72 Ulemiste Butane Novokuibyshevsk petchem Novokuibyshevskaya 0.04 Total Svetly 116.94 Gasoil Moscow refinery Yanichkino 2.96 Saint-Petersburg Gasoil No data No data 0.11 Avtovo Jet kerosine Kirishi refinery Kirishi 10.02 Isobutane Kirishi refinery Kirishi 0.12 VGO No data No data 0.73 Propane Novokuibyshevsk petchem Novokuibyshevskaya 0.05 VGO Transit (Kazakhstan) Aksarayskaya-2 1.16 Total Estonia (internal) 20.66 VGO Ufaneftekhim Zagorodnyaya 31.62 Total in/through Estonia 71.92 Gasoil Kirishi refinery Kirishi 30.02 North-West ports Gasoil Moscow refinery Yanichkino 7.62 Arkhangelsk Naphtha No data No data 0.10 Gasoil No data No data 0.19 Naphtha Yaroslavl refinery Novoyaroslavskaya 22.88 Gasoil Nizhnekamsk ref (Taif) Biklyan 19.46 Gasoil Ryazan refinery Stenkino-2 1.97 Fuel oil Achinsk refinery Novaya Yelovka 12.80 Other kerosine No data No data 0.07 Fuel oil No data No data 1.96 Other kerosine Nizhnekamsk ref (Taif) Biklyan 34.50 Fuel oil N. Novgorod refinery Zeletsino 65.85 Total Arkhangelsk 59.51 Fuel oil Transit (Kazakhstan) Aksarayskaya-2 0.53 Murmansk Fuel oil Yaroslavl refinery Novoyaroslavskaya 29.01 Kola Naphtha Antipinsky refinery Voynovka 99.58 Fuel oil Anzhersky refinery Anzherskaya 4.99 Naphtha Mariy El refinery Nuzhyaly 8.26 Oils and lubricants Antipinsky refinery Voynovka 0.33 Naphtha No data No data 3.29 Oils and lubricants No data No data 0.35 Murmansk Coke No data Biklyan 0.94 Other LPG No data No data 0.07 Coke No data No data 2.92 Fuel oil Nizhnekamsk ref (Taneko) Biklyan 2.48 Coke Nizhnekamsk ref (Taneko) Sobolekovo 50.01 Fuel oil Orsk refinery Nikel 5.97 Total Murmansk 165.00 MGO Omsk refinery Kombinatskaya 4.25 Vysotsk Naphtha Minnibayevsky GPP Kulsharipovo 9.73 PredportovayaBitumen No data No data 0.55 Naphtha No data No data 2.83 Bitumen Ryazan refinery Stenkino-2 1.84 Naphtha Nizhnekamsk ref (Taneko) Biklyan 40.61 Total Saint-Petersburg 231.81 Naphtha Perm refinery Osentsy 62.19 Ust-Luga Naphtha Tuimazy GPP Tuimazy 2.94 Luzhskaya Naphtha Moscow refinery Yanichkino 7.6 4 Naphtha Chelnynefteprodukt Krugloye Pole 0.62 Motor gasoline Kirishi refinery Kirishi 110.02 Naphtha Shkapovsky GPP Priyutovo 1.77 Naphtha No data No data 1.58

Rxail e ports

Russian rail exports in detail, Apr ’000t Russian rail exports in detail, Apr ’000t Destination Freight Sender Station Volume Destination Freight Sender Station Volume

Naphtha No data Sokur 0.06 Paraffin Kirishi refinery Kirishi 2.47 Naphtha Omsk refinery Kombinatskaya 60.40 Propane Minnibayevsky GPP Kulsharipovo 1.06 Naphtha Surgut producers Surgut 7.96 Propane No data No data 0.03 Naphtha Tobolsk-Neftekhim Tobolsk 7.32 Propane Tobolsk-Neftekhim Tobolsk 1.00 Naphtha Yaisk Sudgenka 24.81 Propane Uralorgsintez Kauchuk 0.71 Naphtha Yaroslavl refinery Novoyaroslavskaya 22.97 Propane-butane fr. No data No data 0.03 Naphtha VPK Oil Kochenevo 0.34 Propane-butane fr. Sosnogorsk GPP Vetlasyan 1.01 Naphtha Anzhersky refinery Anzherskaya 3.01 Propane-butane fr. Tobolsk-Neftekhim Tobolsk 3.97 Butane Tobolsk-Neftekhim Tobolsk 76.85 Others No data No data 0.23 VGO Moscow refinery Yanichkino 13.58 Total Buslovskaya 146.29 Gas condensate dist. Antipinsky refinery Voynovka 0.05 Vyartsilya Propane Minnibayevsky GPP Kulsharipovo 2.35 Gas condensate dist. No data No data 19.02 Total Vyartsilya 2.35 Gas condensate dist. Novokuibyshevsk petchem Kinel 2.02 Total Finland 148.64 Gas condensate dist. Purovsk CPP Purovsk 3.79 Hungary Gas condensate dist. Salavat refinery Allaguvat 24.85 Batevo Butane Minnibayevsky GPP Kulsharipovo 0.50 Gas condensate dist. Surgut producers Surgut 107.6 4 Butane Omsk refinery Kombinatskaya 0.76 Gas condensate dist. Urengoigazprom Syvdarma 31.78 Butane Perm refinery Osentsy 0.56 Fuel oil Achinsk refinery Novaya Yelovka 53.96 Butane Transit (Kazakhstan) Aksarayskaya-2 2.38 Fuel oil Kirishi refinery Kirishi 592.03 Slack wax distillate Volgograd refinery Tatyanka 0.05 Fuel oil Moscow refinery Yanichkino 18.36 Petrolatum Volgograd refinery Tatyanka 0.20 Fuel oil No data Volkhovstroy-1 1.16 Propane Transit (Kazakhstan) Aksarayskaya-2 3.90 Fuel oil No data No data 1.65 Propane-butane fr. Sosnogorsk GPP Vetlasyan 0.99 Fuel oil Omsk refinery Kombinatskaya 63.73 Other LPG Nizhnekamsk refinery Sobolekovo 3.29 Fuel oil Ryazan refinery Stenkino-2 269.92 Total Batevo 12.62 Fuel oil Yaroslavl refinery Novoyaroslavskaya 297.51 Chop Butane Transit (Kazakhstan) Aksarayskaya-2 1.06 Propane Tobolsk-Neftekhim No data 0.17 Propane Transit (Kazakhstan) Aksarayskaya-2 4.72 Propane Tobolsk-Neftekhim Tobolsk 105.18 Propane-butane fr. Orenburg GPP Kargala 2.72 Fuel oil Moscow refinery Yanichkino 63.52 Propane-butane fr. Yuzhno-Urals Co Kargala 0.22 Fuel oil No data No data 0.73 Total Chop 8.71 Fuel oil Ryazan refinery Stenkino-2 3.75 Total Hungary 21.34 Fuel oil Syzran refinery Kashpir 12.69 Poland Fuel oil Syzran refinery Syzran-1 0.53 Brest Butane Tobolsk-Neftekhim Tobolsk 6.76 Total Ust-Luga 2,010.56 Butane Transit (Kazakhstan) Aksarayskaya-2 2.97 Total North-West ports 3,270.87 Butane Uralorgsintez Kauchuk 0.77 Finland Slack wax distillate Angarsk refinery Sukhovskaya 0.99 Buslovskaya Jet kerosine No data No data 0.59 Slack wax distillate Novokuibyshev ref Novokuibyshevskaya 0.84 Jet kerosine Nizhnekamsk ref (Taneko) Biklyan 3.90 Slack wax distillate Omsk refinery Kombinatskaya 1.48 Alkibenzene Kirishi refinery Kirishi 1.50 Slack wax distillate Transit (Kazakhstan) Ozinki 0.50 Naphtha Mariy El refinery Nuzhyaly 2.96 Slack wax distillate Ufaneftekhim Zagorodnyaya 0.93 Naphtha Minnibayevsky GPP Kulsharipovo 7.09 Slack wax distillate Yaroslavl refinery Novoyaroslavskaya 0.05 Naphtha No data No data 0.75 Paraffin Novokuibyshev ref Novokuibyshevskaya 0.41 Naphtha Nizhnekamsk ref (Taneko) Biklyan 1.37 Paraffin Perm refinery Osentsy 0.05 Butane Kirishi refinery Kirishi 13.10 Paraffin Transit (Kazakhstan) Ozinki 0.33 Butane Minnibayevsky GPP Kulsharipovo 8.01 Paraffin Yaroslavl refinery Novoyaroslavskaya 0.21 Butane No data No data 0.28 Petrolatum Volgograd refinery Tatyanka 0.25 Butane Novokuibyshevsk petchem Novokuibyshevskaya 2.19 Petrolatum Novokuibyshev ref Novokuibyshevskaya 0.16 Butane Omsk refinery Kombinatskaya 1.19 Petrolatum Omsk refinery Kombinatskaya 0.57 Butane Perm refinery Osentsy 11.60 Petrolatum Transit (Kazakhstan) Ozinki 0.30 Butane Ryazan refinery Stenkino-2 1.01 Propane No data No data 0.31 Butane Tuimazy GPP Tuimazy 1.08 Propane Omsk refinery Kombinatskaya 0.46 Butane-butylene fr. N. Novgorod refinery Zeletsino 2.00 Propane Tobolsk-Neftekhim Tobolsk 10.65 VGO No data No data 0.63 Propane Transit (Kazakhstan) Aksarayskaya-2 6.04 VGO No data Mozhga 0.06 Propane Uralorgsintez Kauchuk 4.76 VGO Nizhnekamsk ref (Taif) Biklyan 38.69 Propane-butane fr. Orenburg GPP Kargala 0.21 Gas condensate No data No data 0.06 Propane-butane fr. Tobolsk-Neftekhim Tobolsk 8.08 Gas condensate Purovsk CPP Limbei 17.38 Pyrolysis tar N. Novgorod refinery Zeletsino 0.46 Gas condensate dist. No data No data 0.33 Total Brest 48.52 Gas condensate dist. Salavat refinery Allaguvat 17.47 Bruzgi Butane Tobolsk-Neftekhim Tobolsk 1.37 Isobutane Kirishi refinery Kirishi 0.50 Propane No data No data 0.17 Isopentane fr. Tobolsk-Neftekhim Tobolsk 0.98 Propane Tobolsk-Neftekhim Tobolsk 1.83 Oils and lubricants Volgograd refinery Tatyanka 0.17 Propane Transit (Kazakhstan) Aksarayskaya-2 0.16 Oils and lubricants Perm refinery Osentsy 0.90 Propane Uralorgsintez Kauchuk 3.04

Rxail e ports

Russian rail exports in detail, Apr ’000t Russian rail exports in detail, Apr ’000t Destination Freight Sender Station Volume Destination Freight Sender Station Volume

Propane-butane fr. No data No data 0.03 Slovakia Propane-butane fr. Orenburg GPP Kargala 0.83 Chop Butane Transit (Kazakhstan) Aksarayskaya-2 0.42 Heavy oil residues Antipinsky refinery Turinski 20.00 Propane Transit (Kazakhstan) Aksarayskaya-2 2.55 Heavy oil residues Mariy El refinery Nuzhyaly 7.42 Other LPG No data No data 0.08 Total Bruzgi 34.85 Total Chop 3.06 Izov Butane Transit (Kazakhstan) Aksarayskaya-2 4.22 Total Slovakia 3.06 Oils and lubricants No data No data 0.85 Czech Republic Propane Tobolsk-Neftekhim Tobolsk 0.26 Chop Propane Transit (Kazakhstan) Aksarayskaya-2 0.03 Propane Transit (Kazakhstan) Aksarayskaya-2 8.53 Total Chop 0.03 Propane-butane fr. Tobolsk-Neftekhim Tobolsk 23.27 Total in/through Czech Republic 0.03 Propane-butane fr. Yuzhno-Urals Co Kargala 1.06 Azov-Black Sea basin ports Total Izov 38.20 Azov Naphtha Novoshakhtinsk ref Nesvetai 0.55 Mamonovo Butane Ryazan refinery Stenkino-2 0.08 Gas condensate dist. No data No data 0.06 Butane Tobolsk-Neftekhim Tobolsk 2.98 Gas condensate dist. Salavat refinery Allaguvat 2.00 Butane Transit (Kazakhstan) Aksarayskaya-2 0.21 Coke No data Biklyan 0.13 Propane Zaikinsk GPP Tyulpan 0.06 Coke No data No data 0.13 Propane No data Voynovka 0.03 Coke Nizhnekamsk ref (Taneko) Sobolekovo 10.45 Propane No data No data 0.03 Total Azov 13.32 Propane Novokuibyshevsk petchem Novokuibyshevskaya 0.94 Yeisk Fuel oil No data No data 0.48 Propane Omsk refinery Kombinatskaya 1.27 Fuel oil Novokuibyshev ref Novokuibyshevskaya 3.50 Propane Tobolsk-Neftekhim Tobolsk 6.86 Fuel oil Saratov refinery Knyazevka 9.49 Propane Transit (Kazakhstan) Aksarayskaya-2 0.78 Fuel oil Syzran refinery Syzran-1 0.06 Propane Uralorgsintez Kauchuk 0.65 Total Yeisk 13.53 Propane-butane fr. No data No data 0.14 Kavkaz Motor gasoline Kuibyshev refinery Kryazh 6.54 Propane-butane fr. Orenburg GPP Kargala 0.73 Motor gasoline No data No data 0.18 Propane-butane fr. Ryazan refinery Stenkino-2 0.50 Motor gasoline Novokuibyshev ref Novokuibyshevskaya 1.98 Propane-butane fr. Sosnogorsk GPP Vetlasyan 1.97 Motor gasoline Syzran refinery Syzran-1 0.24 Propane-butane fr. Tobolsk-Neftekhim Tobolsk 10.52 Gas condensate dist. No data No data 0.26 Propane-butane fr. Transit (Lithuania) Nesterov 0.15 Gas condensate dist. Nizhnekamsk ref (Taneko) Biklyan 32.76 Propane-butane fr. Yuzhno-Urals Co Kargala 1.61 Gas condensate dist. Salavat refinery Allaguvat 0.95 Propane-propylene fr. Ryazan refinery Stenkino-2 6.47 Gasoil Volgograd refinery Tatyanka 11.99 Other LPG Transit (Lithuania) Sovetsk 0.79 Gasoil No data No data 0.12 Total Mamonovo 36.77 Gasoil Saratov refinery Neftyanaya 11.95 Svisloch Butane Transit (Kazakhstan) Aksarayskaya-2 0.53 Paraffin Perm refinery Osentsy 0.05 Slack wax distillate Novokuibyshev ref Novokuibyshevskaya 0.30 Propane-butane fr. Orenburg GPP Kargala 7.34 Slack wax distillate Transit (Kazakhstan) Ozinki 0.22 MGO No data No data 0.18 Paraffin Novokuibyshev ref Novokuibyshevskaya 0.31 MGO Novokuibyshev ref Novokuibyshevskaya 5.52 Petrolatum Novokuibyshev ref Novokuibyshevskaya 0.86 Total Kavkaz 80.09 Petrolatum Omsk refinery Kombinatskaya 0.11 CPC Petrolatum Transit (Kazakhstan) Ozinki 0.29 GetmanovskayaGas condensate No data Voynovka 0.25 Propane Transit (Kazakhstan) Aksarayskaya-2 0.28 Gas condensate No data No data 5.87 Propane-butane fr. Orenburg GPP Kargala 0.49 Gas condensate No data Kinel 2.21 Total Svisloch 3.38 Gas condensate Purneftegaz Purpe 5.61 Yagodin Propane-butane fr. Orenburg GPP Kargala 2.00 Gas condensate Syzran refinery Syzran-1 0.12 Propane-butane fr. Tobolsk-Neftekhim Tobolsk 5.69 Gas condensate Urengoi refinery Syvdarma 67.90 Total Yagodin 7.68 Crude oil Dagneft Novaya Zhizn 84.73 Total Poland 169.40 Crude oil Ingushneftegazprom Karabulakskiy 3.07 Romania Crude oil Krasnodarneftegaz Konokovo 2.09 Vadul-Siret Butane Transit (Kazakhstan) Aksarayskaya-2 0.32 Crude oil No data Tikhoretskaya 0.06 Propane Transit (Kazakhstan) Aksarayskaya-2 1.16 Crude oil Rosneft Sorochinskaya 1.91 Propane-butane fr. Orenburg GPP Kargala 1.35 Total CPC 173.82 Propane-butane fr. Perm refinery Osentsy 0.48 Novorossiysk Total Vadul-Siret 3.31 Grushevaya Gas condensate dist. No data No data 0.25 Giurgiulesti Slack wax distillate Volgograd refinery Tatyanka 0.19 Gas condensate dist. Orsk refinery Nikel 33.00 Oils and lubricants Volgograd refinery Tatyanka 1.27 Gasoil Afipsky refinery Afipskaya 173.62 Propane-butane fr. Orenburg GPP Kargala 2.96 Gasoil Volgograd refinery Tatyanka 279.08 Total Giurgiulesti 4.42 Gasoil No data No data 0.31 Dyakovo Butane Transit (Kazakhstan) Aksarayskaya-2 0.74 Other fuel oil Kaspii-1 Tarki 3.38 Propane Transit (Kazakhstan) Aksarayskaya-2 3.53 Fuel oil Afipsky refinery Afipskaya 188.89 Propane-butane fr. Orenburg GPP Kargala 0.79 Fuel oil Ilsky refinery Ilskaya 113.72 Total Dyakovo 5.06 Fuel oil Krasnodar refinery Krasnodar-1 19.14 Total Romania 12.79 Fuel oil Transit (Kazakhstan) Aksarayskaya-2 1.02

Rail exports

Russian rail exports in detail, Apr ’000t Russian rail exports in detail, Apr ’000t Destination Freight Sender Station Volume Destination Freight Sender Station Volume

Fuel oil Slavyansk-Eco Protoka 96.80 Fuel oil Ufa refinery Benzin 132.19 Novorossiysk Naphtha Kaspii-1 Tarki 0.84 Propane No data No data 0.47 Naphtha No data No data 0.76 Propane Tobolsk-Neftekhim Tobolsk 11.04 Naphtha Volgograd refinery Tatyanka 54.39 Propane Transit (Kazakhstan) Aksarayskaya-2 11.73 Naphtha Ilsky refinery Ilskaya 15.60 Fuel oil Achinsk refinery Novaya Yelovka 58.24 Naphtha Slavyansk-Eco Protoka 41.25 Fuel oil Krasnodar refinery Krasnodar-1 12.70 VGO No data No data 0.07 Fuel oil No data No data 0.19 Gas condensate dist. Ilsky refinery Ilskaya 50.33 Fuel oil Salavat refinery Allaguvat 20.22 Gas condensate dist. Krasnodar refinery Krasnodar-1 45.34 Total Taman 1,078.40 Gas condensate dist. No data No data 3.00 Reni Propane-butane fr. Orenburg GPP Kargala 0.70 Gas condensate dist. No data Armavir 0.13 Total Reni 0.70 Gas condensate dist. Nizhnekamsk ref (Taneko) Biklyan 7.98 Temryuk Butane Novokuibyshevsk petchem Novokuibyshevskaya 5.60 Gas condensate dist. Orsk refinery Nikel 22.43 Butane Syzran refinery Syzran-1 0.29 Gasoil No data No data 0.84 Butane Tuimazy GPP Tuimazy 1.00 Gasoil Nizhnevartovsk ref Nizhnevartovsk-2 15.03 Butane Shkapovsky GPP Priyutovo 0.60 Gasoil Novoufimsk refinery Novoufimskaya 1.72 Isobutane Novokuibyshevsk petchem Novokuibyshevskaya 2.25 Gasoil Transnefteprodukt Nikolskoye 4.98 Propane-butane fr. No data No data 0.08 Fuel oil Krasnodar refinery Krasnodar-1 35.63 Propane-butane fr. No data Kinel 0.33 Fuel oil No data No data 0.06 Propane-butane fr. Orenburg GPP Kargala 1.69 Fuel oil Transit (Kazakhstan) Aksarayskaya-2 6.28 Propane-butane fr. Syzran refinery Syzran-1 0.11 Oils and lubricants No data No data 0.12 Propane-butane fr. Shkapovsky GPP Priyutovo 0.94 Oils and lubricants Nizhnekamsk ref (Taneko) Biklyan 0.27 Other LPG No data No data 0.41 Fuel oil Volgograd refinery Tatyanka 83.33 Other LPG Transit (Kazakhstan) Ozinki 3.18 Fuel oil No data No data 0.42 Total Temryuk 16.48 Fuel oil Novokuibyshev ref Novokuibyshevskaya 0.24 Tuapse Naphtha No data No data 0.22 Fuel oil Saratov refinery Knyazevka 5.43 Naphtha Purneftegaz Purpe 2.45 MGO No data No data 0.58 Naphtha Antipinsky refinery Voynovka 0.12 MGO Saratov refinery Neftyanaya 6.48 Naphtha Volgograd refinery Tatyanka 36.33 Total Novorossiysk 1,312.72 Naphtha Ilsky refinery Ilskaya 27.07 Taganrog Oils and lubricants Perm refinery Osentsy 2.02 Naphtha Krasnodar refinery Krasnodar-1 9.99 Total Taganrog 2.02 Naphtha Krasnoleninsk ref Nyagan 5.00 Taman Naphtha Afipsky refinery Afipskaya 66.73 Naphtha No data No data 19.10 Naphtha Krasnodar refinery Krasnodar-1 22.96 Naphtha Nizhnevartovsk ref Nizhnevartovsk-2 71.45 Naphtha No data No data 0.34 Naphtha Novokuibyshevsk petchem Kinel 1.35 Naphtha Nizhnekamsk ref (Taneko) Biklyan 30.00 Naphtha Novokuibyshev ref Novokuibyshevskaya 11.51 Naphtha Orsk refinery Nikel 1.80 Naphtha Novoufimsk refinery Novoufimskaya 4 4.18 Butane No data No data 0.43 Naphtha Piter Goryachiy Klyuch 6.65 Butane Tobolsk-Neftekhim Tobolsk 9.20 Naphtha Ryazan refinery Stenkino-2 23.05 Butane Transit (Kazakhstan) Aksarayskaya-2 8.07 Naphtha Saratov refinery Neftyanaya 18.77 VGO No data No data 0.77 Naphtha Syzran refinery Kashpir 15.84 VGO No data Armavir 0.39 Naphtha Syzran refinery Syzran-1 0.94 VGO Transit (Kazakhstan) Aksarayskaya-2 67.28 Gasoil Achinsk refinery Novaya Yelovka 15.96 Gas condensate No data No data 0.78 Gasoil Krasnodar refinery Krasnodar-1 23.61 Gas condensate Transit (Kazakhstan) Ozinki 33.43 Gasoil No data No data 13.27 Gas condensate dist. Astrakhan GPP Aksarayskaya-2 0.72 Gasoil Novokuibyshev ref Novokuibyshevskaya 12.33 Gas condensate dist. Salavat refinery Allaguvat 7.16 Gasoil Piter Goryachiy Klyuch 14.50 Fuel oil Achinsk refinery Novaya Yelovka 29.99 Gasoil Saratov refinery Neftyanaya 121.06 Fuel oil Krasnodar refinery Krasnodar-1 2.60 Gasoil Syzran refinery Syzran-1 5.98 Fuel oil Kuibyshev refinery Kryazh 149.69 Gasoil Transnefteprodukt Nikolskoye 35.00 Fuel oil No data No data 11.44 Fuel oil No data No data 20.70 Fuel oil No data Yurovskiy 0.06 Fuel oil No data Chernishkov 0.06 Fuel oil No data Armavir 0.91 Fuel oil Novokuibyshev ref Novokuibyshevskaya 113.96 Fuel oil No data Podgornoye 0.06 Fuel oil Piter Goryachiy Klyuch 4.70 Fuel oil No data Klyuchiki 0.06 Fuel oil Syzran refinery Syzran-1 0.06 Fuel oil Nizhnekamsk ref (Taif) Biklyan 38.72 Total Tuapse 675.20 Fuel oil Novokuibyshevsk petchem Kinel 7.85 Kerch Butane No data No data 1.57 Fuel oil Ryazan refinery Stenkino-2 55.21 Butane Novokuibyshevsk petchem Novokuibyshevskaya 2.83 Fuel oil Saratov refinery Knyazevka 105.83 Isobutane No data No data 0.03 Fuel oil Syzran refinery Kashpir 42.40 Isobutane Novokuibyshevsk petchem Novokuibyshevskaya 0.18 Fuel oil Syzran refinery Syzran-1 3.48 Total Kerch 4.61 Fuel oil Transit (Kazakhstan) Aksarayskaya-2 115.60 Odessa Butane Transit (Kazakhstan) Aksarayskaya-2 16.45 Fuel oil Ufaneftekhim Zagorodnyaya 17.66 Butane Transit (Ukraine) Solovey 0.39

Rail exports

Russian rail exports in detail, Apr ’000t Russian rail exports in detail, Apr ’000t Destination Freight Sender Station Volume Destination Freight Sender Station Volume

Propane Transit (Kazakhstan) Aksarayskaya-2 16.82 Others Transit (Belarus) Krasnoye 0.06 Propane Transit (Ukraine) Solovey 0.06 Total Dostyk 7.28 Total Odessa 33.72 Zabaikalsk Oils and lubricants No data No data 0.08 Rostov-on-Don Others Transit (Belarus) Krasnoye 0.05 Zarechnaya Naphtha No data No data 0.21 Total Zabaikalsk 0.13 Naphtha Novoshakhtinsk ref Nesvetai 25.86 Mys Churkin Bitumen No data No data 0.24 Total Rostov-on-Don 26.07 Total Mys Churkin 0.24 Astrakhan Total China 13.22 Trusovo Crude oil Ritek Yandyki 2.11 Korea Total Astrakhan 2.11 Khasan Butylene-isobutylene fr. No data No data 0.21 Total Azov-Black Sea basin ports 3,432.79 Gasoil No data No data 0.26 Far East Gasoil Khabarovsk refinery Khabarovsk-1 1.27 Vanino Naphtha No data No data 1.49 Oils and lubricants No data Sukhanovka 0.02 Naphtha Yaisk Sudgenka 29.67 Other LPG No data No data 0.29 Gasoil No data No data 0.43 Total Khasan 2.05 Gasoil No data Skovorodino 0.06 Total Korea 2.05 Gasoil Yaisk Sudgenka 11.99 Mongolia Fuel oil Komsomolsk refinery Dzemgi 128.98 Biysk Motor gasoline Angarsk refinery Sukhovskaya 0.11 Fuel oil No data No data 13.96 Gasoil Krasnoleninsk ref Nyagan 0.26 Total Vanino 186.58 Gasoil Omsk refinery Kombinatskaya 0.60 Vostochny Naphtha Angarsk refinery Sukhovskaya 2.79 Total Biysk 0.97 Naphtha Komsomolsk refinery Dzemgi 71.49 Naushki Jet kerosine Angarsk refinery Sukhovskaya 2.48 Naphtha No data No data 5.27 Jet kerosine Omsk refinery Kombinatskaya 0.28 Naphtha Khabarovsk refinery Khabarovsk-2 3.69 Motor gasoline Angarsk refinery Sukhovskaya 33.62 Wax Transit (Kazakhstan) Kulunda (Kazakhstan) 0.09 Naphtha Anzhersky refinery Anzherskaya 0.52 Oils and lubricants No data No data 4.42 Bitumen Angarsk refinery Sukhovskaya 0.77 Total Vostochny 87.74 Bitumen No data No data 2.15 Nakhodka Bitumen Omsk refinery Kombinatskaya 0.76 Krabovaya Naphtha Achinsk refinery Novaya Yelovka 18.07 Bitumen Ryazan refinery Stenkino-2 0.03 Naphtha No data No data 0.85 Butane No data Meget 1.15 Naphtha Khabarovsk refinery Khabarovsk-2 0.57 Butane No data Mys Churkin 0.16 Gasoil Angarsk refinery Sukhovskaya 59.20 Butane Tobolsk-Neftekhim Tobolsk 0.17 Gasoil Achinsk refinery Novaya Yelovka 21.25 Gas condensate dist. Salavat refinery Allaguvat 0.90 Gasoil Komsomolsk refinery Dzemgi 147.20 Gasoil Angarsk refinery Sukhovskaya 34.58 Gasoil No data No data 15.05 Gasoil Omsk refinery Kombinatskaya 4.97 Gasoil Khabarovsk refinery Khabarovsk-2 17.30 Gasoil Yaisk Sudgenka 24.06 Fuel oil Angarsk refinery Sukhovskaya 37.54 Fuel oil Angarsk refinery Sukhovskaya 0.18 Fuel oil Achinsk refinery Novaya Yelovka 9.96 Oils and lubricants Angarsk refinery Sukhovskaya 0.12 Fuel oil No data No data 3.08 Oils and lubricants No data No data 0.23 Fuel oil Khabarovsk refinery Khabarovsk-2 0.17 Oils and lubricants Omsk refinery Kombinatskaya 0.14 Total Nakhodka 330.26 Oils and lubricants Transit (Belarus) Krasnoye 0.03 Vladivostok Wax Transit (Kazakhstan) Kulunda (Kazakhstan) 0.59 Oils and lubricants Transit (Latvia) Posin 0.16 Wax Transit (Kazakhstan) Lokot (Kazakhstan) 0.65 Oils and lubricants Transit (Nakhodka) Portv Vostochny 0.03 Total Vladivostok 1.24 Oils and lubricants Ufa refinery Benzin 0.12 Slavyanka (Blyukher) Propane No data Meget 0.14 Blyukher Gasoil Angarsk refinery Sukhovskaya 42.04 Propane Tobolsk-Neftekhim Tobolsk 0.39 Gasoil No data No data 8.80 Others No data No data 0.02 Gasoil Khabarovsk refinery Khabarovsk-2 0.25 Others Transit (Latvia) Posin 0.02 Fuel oil Angarsk refinery Sukhovskaya 41.28 Other LPG Angarsk refinery Kitoj-Kombinatsky 1.27 Fuel oil No data No data 9.28 Total Naushki 109.44 Fuel oil Khabarovsk refinery Khabarovsk-2 2.05 Solovyevsk Motor gasoline Angarsk refinery Sukhovskaya 1.29 Total Slavyanka (Blyukher) 103.71 Bitumen Omsk refinery Kombinatskaya 0.70 Total Far East 709.52 Bitumen Ryazan refinery Stenkino-2 0.13 China Gasoil Angarsk refinery Sukhovskaya 0.42 Naushki Oils and lubricants Angarsk refinery Sukhovskaya 5.47 Gasoil Yaisk Sudgenka 1.27 Oils and lubricants Transit (Belarus) Krasnoye 0.06 Total Solovyevsk 3.82 Other dark products Transit (Belarus) Krasnoye 0.04 Total Mongolia 114.22 Total Naushki 5.57 Afghanistan Dostyk Wax Transit (Belarus) Krasnoye 0.02 Galaba Jet kerosine N. Novgorod refinery Zeletsino 2.72 Coke No data Levshino 1.59 Gasoil Volgograd refinery Tatyanka 2.11 Coke Omsk refinery Kombinatskaya 1.08 Propane-butane fr. Orenburg GPP Kargala 1.49 Coke Ufa refinery Benzin 4.03 Total Galaba 6.32 Oils and lubricants Perm refinery Osentsy 0.04 Total Afghanistan 6.32 Oils and lubricants Transit (Belarus) Krasnoye 0.39 Oils and lubricants Transit (Latvia) Posin 0.06 Grand total 8,440.27

Pipeline tariffs

Transneft pipeline tariffs for crude Rbs/100t/km $/100t/km Tariff Dispatching Tariff Dispatching Transneft-Siberia 10.11 32.03 0.18 0.56 Transneft-Central Siberia 10.84 32.03 0.19 0.56 Transneft-West Siberia 12.62 32.03 0.22 0.56 Transneft-Vostock 18.17 32.03 0.32 0.56 Transneft-Ural 15.79 32.03 0.27 0.56 Transneft-Prikame 17.55 32.03 0.31 0.56 Transneft-Verkhnyaya Volga 20.94 32.03 0.36 0.56 Transneft-Privolga 16.48 32.03 0.29 0.56 Transneft-Druzhba 19.09 32.03 0.33 0.56 Chernomortransneft 26.29 32.03 0.46 0.56 Transneft-Sever 32.73 32.03 0.57 0.56 Transneft-Baltica 19.12 32.03 0.33 0.56 —VAT is not included, $/Rbs exchange = 57.4683

Transneftproduckt pipeline tariffs for products $/t Refinery Destination (loading point) Russia Belarus Ukraine Dispatching Loading Total Moscow Latvian border (Ilukste) 17.78 11.74 - 9.83 - 39.35 Gomel 17.78 2.01 - 6.11 - 25.90 Hungarian state border 17.78 5.28 23.54 4.30 - 50.90 Kalush tank farm 17.78 5.28 22.50 6.11 - 51.67 Ryazan Latvian border (Ilukste) 12.44 11.74 - 12.73 - 36.91 Bryansk 11.22 - - 6.11 0.37 17.71 Gomel 12.44 2.01 - 6.11 - 20.56 Hungarian state border 12.44 5.28 23.54 6.11 - 47.37 Kalush tank farm 25.93 0.00 0.00 12.73 - 38.66 N.Novgorod Latvian border (Ilukste) 15.72 11.74 - 12.73 - 40.19 Bryansk 14.69 - - 6.11 0.37 21.18 Gomel 15.72 2.01 - 6.11 - 23.84 Hungarian state border 15.72 5.28 23.54 6.11 - 50.65 Kalush tank farm 15.72 5.28 22.50 6.11 - 49.61 Samara and Syzran Latvian border (Ilukste) 27.41 11.74 - 12.73 - 51.88 Bryansk 17.86 - - 6.11 0.37 24.34 Gomel 14.89 2.01 - 6.11 - 23.01 Nikolskoye (Novo. and Tuapse) 9.61 - - 4.58 0.37 14.57 Hungarian state border 9.61 5.28 23.54 4.30 - 42.73 Kalush tank farm 9.61 5.28 22.50 6.11 - 43.50 Perm Latvian border (Ilukste) 28.88 - - 12.73 - 41.60 Bryansk 26.21 - - 6.11 0.37 32.70 Gomel 25.99 2.01 - 6.11 - 34.11 Hungarian state border 28.88 5.28 23.54 4.30 - 61.99 Kalush tank farm 28.88 5.28 22.50 4.51 - 61.16 Ufa Latvian border (Ilukste) 25.32 11.74 - 12.73 - 49.79 Bryansk 22.85 - - 6.11 0.37 29.33 Gomel 25.32 2.01 - 6.11 - 33.44 Nikolskoye (Novo. and Tuapse) 17.02 - - 4.58 0.37 21.98 Hungarian state border 25.32 5.28 23.54 3.45 - 57.58 Kalush tank farm 25.32 5.28 22.50 3.83 - 56.93 Salavat Latvian border (Ilukste) 27.41 11.74 - 12.73 - 51.88 Bryansk 35.18 - - 6.11 0.37 41.66 Gomel 27.41 2.01 - 6.11 - 35.53 Nikolskoye (Novo. and Tuapse) 23.79 - - 4.58 0.37 28.74 Hungarian state border 26.89 5.23 23.54 4.26 - 59.92 Kalush tank farm 27.41 5.28 22.50 6.11 - 61.30 Omsk Latvian border (Ilukste) 48.34 11.74 - 9.94 - 70.02 Bryansk 48.34 - - 6.11 0.37 54.82 Gomel 48.34 2.01 - 6.11 - 56.46 Nikolskoye (Novo. and Tuapse) 43.99 - - 2.61 0.37 46.97 Hungarian state border 48.34 5.28 23.54 4.30 - 81.45 Kalush tank farm 48.34 5.28 22.50 4.51 - 80.62 Taneko Latvian border (Ilukste) 31.79 11.74 - 12.73 - 56.26 Bryansk 23.88 - - 6.11 0.37 30.36 Gomel 31.79 2.01 - 6.11 - 39.91 Nikolskoye (Novo. and Tuapse) 20.48 - - 1.44 0.37 22.30 Hungarian state border 31.79 5.28 23.54 4.30 - 64.91 Kalush tank farm 31.79 5.28 22.50 4.51 - 64.07 — $/Rbs exchange = 57.4683

Rail Tariffs: crude and products

Crude $/t Naphtha* $/t Svetly Finland Loading point Getmanovskaya Loading point Tuapse Ust-Luga Kaliningrad Arhangelsk (Baltisky Les) (Buslovskaya) Krotovka 36.60 58.64 77.96 Kirishi 63.03 12.78 14.96 32.86 Chervlennaya 48.11 27.31 100.44 Nizhny-Novgorod 51.61 37.67 28.00 35.22 Tikhoretskaya 36.60 10.41 85.50 Nizhnekamsk 53.85 46.99 39.42 43.06 Privodino 34.79 83.31 51.66 Perm 62.12 46.10 45.73 42.03 Sorochinskaya 38.05 61.42 80.26 Yaroslavl 47.60 28.50 18.25 26.09 NovayaZhizn 44.98 20.92 94.62 Novokuibyshev 43.21 48.87 34.80 47.15 Znamensk 5.80 55.95 21.60 *Industrial gasoline

Naphtha* $/t

Loading point Tuapse Ust-Luga Murmansk Arkhangelsk Svetly Taman Ventspils Vysotsk Krasnoleninsk 75.69 59.32 71.92 56.07 56.64 73.81 60.59 59.32 Nizhnekamsk 51.12 44.52 55.88 40.72 36.95 49.63 46.10 44.52 Omsk 72.41 63.14 76.12 59.44 58.83 70.56 66.85 63.14 Tobolsk 71.95 59.61 71.95 56.20 54.79 70.01 62.26 60.95 Nizhnevartsovsk 70.04 58.87 70.04 55.69 54.62 68.45 62.06 58.87 Ryazan 37.30 32.77 48.28 31.98 15.57 34.92 25.61 34.92 Antipinsky 53.22 43.86 53.22 41.11 40.96 51.68 46.54 44.97 Minnibaevsky 46.70 43.37 54.41 40.28 34.75 45.26 43.37 43.37 Saratov 32.77 44.68 59.32 44.68 29.61 32.77 37.30 46.27 Chaikovsky 55.20 46.30 56.67 42.36 38.43 53.16 46.30 46.30 *Stable natural gasoline

Gasoil $/t

Loading point Novo. (Grushevaya) Vysotsk Tuapse-Port St Petersburg (Avtovo) Ventspils Kavkaz Riga (Ziemelblazma) Volgograd 24.27 54.80 26.93 51.79 49.25 27.06 49.25 Krasnodar 8.51 61.19 9.71 59.69 57.93 12.32 57.93 Afipsky 7.39 60.49 9.24 57.14 55.35 11.28 55.35 Kirishi 59.35 13.26 63.03 9.27 19.85 60.77 19.85 Moscow 39.03 34.30 42.68 31.71 23.53 40.94 23.53 Nizhny Novgorod 47.82 38.43 51.61 35.41 35.65 49.56 35.65 Nizhnekamsk 50.71 46.99 53.85 45.48 52.00 53.85 52.00 Omsk 71.83 66.27 75.92 64.60 74.64 75.92 74.64 Orsk 54.11 62.66 56.34 61.53 61.66 56.34 61.66 Saratov 32.87 48.87 34.72 47.33 42.21 35.79 42.21 Yaroslavl 43.62 28.50 47.60 25.38 27.91 47.60 27.91 Transnefteprodukt loading points Bryansk-Vostochny 40.70 44.49 44.49 40.88 20.38 42.68 20.38 Nikolskoye 31.77 42.68 35.77 39.21 34.00 34.96 34.00

VGO $/t Loading point Odessa Riga Finland Taman Novorossiysk Volgograd 23.49 43.63 52.07 24.40 22.58 Nizhny Novgorod 28.60 31.39 36.23 45.35 45.35 Nizhnekamsk 38.97 46.11 44.52 49.64 48.12 Salavat 37.41 44.70 47.67 44.70 43.39 Perm 45.35 46.97 45.35 58.88 56.91 Ryazan 20.60 25.61 34.93 34.93 33.84 Saratov 23.13 37.31 46.27 32.78 30.92 Ufa 40.87 49.82 53.28 49.82 49.82 Ukhta 49.01 47.69 43.63 65.33 63.41

Rail Tariffs: crude and products/Prices

Fuel oil $/t Loading point Novorossiysk Tuapse Kavkaz Odessa St Petersburg Vysotsk Ust-Luga Tallinn Taman Volgograd 23.83 26.47 26.47 32.13 51.57 54.79 53.20 63.46 25.73 Kirishi 59.32 62.91 60.81 54.69 8.43 12.67 12.17 16.12 60.81 Moscow 38.75 42.44 40.61 23.79 31.28 34.05 29.27 33.20 40.61 Nizhny-Novgorod 47.73 51.57 49.42 38.92 35.05 38.15 37.34 4 4.11 47.73 Nizhnekamsk 50.61 53.77 53.77 52.64 45.06 46.84 46.84 62.16 52.21 Novokuibyshev 41.16 43.00 43.00 39.40 47.01 50.79 48.68 60.29 43.00 Orsk 54.04 56.11 56.11 58.12 61.10 62.47 62.47 79.95 56.11 Perm 59.87 61.93 61.93 61.31 43.67 47.73 45.92 59.01 61.93 Ryazan 35.63 39.27 37.56 28.20 33.68 36.77 34.51 39.40 36.77 Saratov 32.56 34.51 35.63 31.58 47.01 48.68 47.01 55.20 34.51 Ukhta 66.70 70.72 68.71 66.19 41.79 45.92 43.67 59.01 68.71 Yaroslavl 43.45 47.49 47.49 33.15 24.65 27.99 27.99 32.20 45.69

Gasoline $/t Loading point Ventspils Ust-Luga Riga Tuapse Vysotsk Kirishi 23.55 12.78 23.55 63.03 13.26 Krasnodar 68.39 60.93 68.39 9.71 61.19 Afipsky 65.10 58.31 65.10 9.24 60.49 Nizhnekamsk 61.22 46.99 61.22 53.85 46.99 Yaroslavl 33.01 28.50 33.01 47.60 28.50 Omsk 87.73 66.27 87.73 75.92 66.27

Spot prices $/bl 24-28 1-5 8-12 15-18 Crude 2Q16 3Q16 4Q16 1Q17 Jan 17 Feb Mar Apr Apr May May May North Sea (London close) North Sea Dated 45.54 45.80 49.35 53.66 54.58 55.06 51.60 52.46 50.17 48.45 48.43 51.54 Urals NWE 42.96 43.44 47.19 51.52 52.64 52.94 49.28 50.42 48.47 46.85 46.93 50.22 West Mediterranean (London close) Urals 43.86 44.05 47.99 52.25 53.42 53.67 49.94 51.41 49.02 47.09 46.88 50.11 Siberian Light 45.70 45.15 49.34 53.53 54.17 55.10 51.58 52.04 49.87 48.15 48.13 51.24 Tengiz 45.45 45.42 49.09 52.50 53.75 53.85 50.19 51.26 49.21 47.76 47.75 50.68 Azeri Light 47.26 47.46 50.95 55.25 55.79 56.86 53.35 54.09 52.50 50.14 50.16 53.19 Kirkuk 40.83 40.38 44.22 48.62 49.67 50.40 46.12 46.66 44.37 42.65 44.03 47.14 Saharan Blend 46.09 45.97 49.41 53.35 54.53 54.82 51.00 51.82 49.55 47.89 48.07 51.28 Druzhba (London close) Germany 36.22 43.12 43.87 51.39 50.55 51.66 51.96 48.25 na na na na Poland 36.23 43.39 43.92 51.52 50.67 51.83 52.06 48.30 na na na na Slovakia 36.18 43.19 43.84 51.25 50.27 51.63 51.86 48.20 na na na na Hungary 36.18 43.19 43.84 51.25 50.27 51.63 51.86 48.20 na na na na 24-28 1-5 8-12 15-18 Products 2Q16 3Q16 4Q16 1Q17 Jan 17 Feb Mar Apr Apr May May May NW Europe (London close) German heating oil 409.59 406.98 453.66 479.36 485.12 493.66 461.65 473.28 454.65 433.50 438.40 459.13 German diesel 416.48 414.40 461.75 485.68 491.07 499.49 468.74 483.56 465.90 442.25 446.85 467.38 Fuel oil 3.5% 195.69 225.16 260.90 286.18 294.61 293.56 272.05 281.69 269.10 260.31 263.65 280.88 Gasoline 95RON 498.32 471.45 510.45 550.16 556.50 571.24 526.04 568.83 544.35 522.06 529.25 551.31 Naphtha 399.79 381.47 439.26 484.75 499.56 498.29 459.46 468.10 4 47.65 432.13 428.10 439.38 Jet 436.10 436.16 483.04 512.00 519.19 526.08 493.18 509.61 490.40 467.25 469.75 491.13 VGO low sulphur 348.53 343.62 364.67 394.95 400.46 400.56 385.05 402.09 390.28 374.16 371.98 389.25 West Mediterranean (London close) French heating oil 419.52 416.40 461.46 488.92 495.71 503.03 470.45 486.01 469.10 4 47.0 0 451.80 470.00 Fuel oil 3.5% 207.18 237.65 270.52 295.18 303.61 302.56 281.05 290.69 278.10 269.31 272.65 289.88 Gasoline 95RON 505.21 474.17 512.89 548.07 557.71 568.64 521.38 565.49 543.05 519.06 514.45 530.19 Naphtha 391.47 374.89 431.50 477.19 491.58 492.06 451.12 460.36 439.45 424.94 421.40 433.25 Rotterdam barges (London close) German heating oil 405.74 402.70 446.71 471.23 475.93 485.29 454.72 468.01 451.90 427.75 431.70 452.44 Fuel oil 3.5% 199.69 229.16 264.90 290.18 298.61 297.56 276.05 285.69 273.10 264.31 267.65 284.88 VGO low sulphur 341.63 337.37 361.13 386.41 394.47 391.39 374.72 391.78 380.00 363.78 361.70 378.88

Export costs

Russian crude netbacks ($/bl) 17 May Novorossiysk Novorossiysk Primorsk Ust-Luga (Urals) (Sib Light) Freight rates: Clean 30,000t Urals cif 50.26 50.26 50.16 51.26 $/bl 3.5 Freight 0.63 0.63 1.17 1.14 Novorossiysk to Augusta 17 May = $1.51 3.0 Insurance 0.02 0.02 0.02 0.02

2.5 Demurrage and navigation dues 0.13 0.13 0.08 0.08

2.0 Urals fob/daf 49.48 49.47 48.89 50.02

1.5 Port loading 0.31 0.36 0.44 0.43

1.0 Export duty 11.67 11.65 11.67 11.34 Apr Jul Oct Jan Apr 16 17 Transit through Belarus — — — — Transit through Ukraine — — — — Freight rates: Fuel oil 30,000t Nizhnevartovsk $/bl 3.5 Novorossiysk to Augusta Tariff through Russia 5.05 4.91 4.85 4.38 17 May = $1.77 3.0 Netback to Nizhnevartovsk 32.45 32.55 31.93 33.87

2.5 Domestic market price, ex-VAT 33.03 33.03 33.03 33.03

2.0 Export margin -0.58 -0.48 -1.10 0.84

1.5 Samara

1.0 Tariff through Russia — 2.49 2.38 — Apr Jul Oct Jan Apr 16 17 Netback to Samara — 34.97 34.40 — Domestic market price, ex-VAT — 33.26 33.26 — Freight rates: Clean 30,000t Export margin — 1.71 1.14 — $/bl 3.0 Usinsk Ventspils to Wilhelmshaven 17 May = $1.25 Tariff through Belarus* — — — — 2.5 Tariff through Russia 4.32 — — — 2.0 Netback to Usinsk 33.18 — — — 1.5 Domestic market price, ex-VAT 32.14 — — —

1.0 Export margin 1.04 — — — Apr Jul Oct Jan Apr 16 17 *Polotsk-Unecha

Freight rates: Fuel oil 30,000t Freight rates: Fuel oil 37,000t Freight rates: Fuel oil 135,000t

$/bl $/bl $/bl 3.0 3.0 Ventspils to Wilhelmshaven 1.5 17 May = $1.94 Ventspils to US east coast Novorossiysk to Augusta 17 May = $1.84 17 May = $0.82 2.5 2.5

2.0 2.0 1.0

1.5 1.5

1.0 1.0 0.5 Apr Jul Oct Jan Apr Apr Jul Oct Jan Apr Apr Jul Oct Jan Apr 16 17 16 17 16 17

Freight rates: Fuel oil 30,000t Freight rates: Fuel oil 80,000t Freight rates: Crude 100,000t

$/bl $/bl $/bl 4 2.5 1.5 Novorossiysk to Augusta Butinge to Wilhelmshaven Ventspils to Genoa 17 May = $1.25 17 May = $0.67 17 May = $2.84 2.0 3

1.5 1.0

2 1.0

1 0.5 0.5 Apr Jul Oct Jan Apr Apr Jul Oct Jan Apr Apr Jul Oct Jan Apr 16 17 16 17 16 17

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