Semyon Vainshtok: January events have confirmed correctness of our line :: Charter'97 :: News

Transneft CEO Semyon Vainshtok has summed up the results of the oil row between Russia and Belarus in the beginning of this year. “Events of the beginning of January have convincingly showed correctness of our line aimed at an intensive modernisation of the system, capacity building, diversification of hydrocarbons export flows, decrease of transit flows via neighbouring countries,” told Transneft CEO Semyon Vainshtok to Rosbalt agency. The text of the statement is published at the official site of the Russian oil and gas transportation company.

However, Mr Vainshtok is convinced that partner and good neighbourly relations with Belarusian oil and gas transportation companies should be maintained.

“Normal, sincere good neighbourly and working relations are maintained between Ttrasneft and our Belarusian colleagues. I believe they wouldn’t change in the future,” S. Vainshtok said.

“A full understanding of the events is still to come. But the main lesson is a harsh reminder for all of us about a necessity of mutually regardful, equitable cooperation with consideration of mutual interests and benefits. A reminder that the most important thing is not an ability to solve difficult collisions in relations, but an ability to prevent them,” S. Vainshtok said. He has underlined that at the moment “Druzhba” trunk pipeline is functioning in a normal regime, and as he said, the same concerns not only the pipeline proper.

Transneft CEO has noted that in 2007 the company has a real chance to redistribute oil transit and export with consideration for loading level of pipelines’ branches. “Tomorrow these possibilities are to grow further, as prospects of entering world markets via the east of the country is opening, and via the north by construction of Kharyaga-Indiga system,” he explained.

As said by Semyon Vaishtok, it is expected that revenues from Transneft services in 2006 would be 198.4 billion rubles, while in 2005 it was 172.8 billion rubles. Consolidated Net Income for the year is expected to equal 55.2 billion rubles.