The board of Russia’s national oil pipeline monopoly Transneft has decided not to amend the company’s long-term investment program up to 2020 but to reshuffle spending, shift maintenance plans and adjust the launch of some projects due to a lower-than-expected tariff increase. A company spokesman told Nefte Compass that Transneft’s 2020 investment plan should stay at the previously planned 2.17 trillion rubles ($33.73 billion) figure, the board decided at a meeting last week. According to Vice President Maxim Grishanin, the company should cut pipeline maintenance cots and shift some investments from 2016-17 to 2018-20. Transneft will also delay the launch of the second phase of the Kuyumba-Taishet oil line to 2023.
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