Russian pipeline monopoly Transneft is currently looking at measures to cut operational costs. The company, like other Russian oil and gas firms, has been hit by lower crude oil prices, the weakening of the Russian ruble and Western sanctions. Transneft said that its board plans to discuss ways to cut opex at a meeting on May 21. The company envisages cutting the operational expenses by no less than 2%-3% a year. Last year, Transneft's opex totaled 541.05 billion rubles ($10.8 billion), up from 499.13 billion rubles in 2013. The bulk of expenses included amortization and costs of crude oil barrels sold.
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