Blacklisted Russian oil pipeline monopoly Transneft may seek external financing so it can proceed with major projects and its capital maintenance program after a lower-than-expected hike in tariffs for pumping crude oil via Russia’s transmission network. Pavel Serikov, Transneft’s deputy vice president, said the company might need 100 billion-150 billion rubles ($1.3 billion-$1.96 billion) by 2020 and that it could try to secure 65 billion-70 billion rubles this year if it can win favorable conditions. Transneft is under US and EU sanctions, blocking it from Western financing, so the company’s priority will be long-term ruble-denominated financing.
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