Transneft Q2 21 Conference Call Notes
Oil transportation expected to grow by 2-3% yoy in 2022e but the forecast could be revised upwards in September.Capex for 2022e to be specified in October, the basic materials cost hike in question but the company does not plan to revise long-term capex targets.
Digitalisation costs and benefits to be covered in details in the new strategy presentation.
Talks with the EU regulators underway for the possible share split, but the outcome is hard to predict.
We treat the takeaways as neutral.
Transneft is an oil pipeline group based in the Russian Federation. Co. and its subsidiaries operate a crude oil pipeline system totalling 50,142 km. Co. transport millions of tons of crude oil to domestic and export markets. Co. produces a substantial majority of the crude oil in the territory of the Russian Federation. In addition, Co., through Group Transnefteproduct operates an oil products pipeline system in the Russian Federation and in the Republics of Belarus and Ukraine totalling 18,746 km. Through its associate OOO LatRosTrans, Co. operates an interconnected system in the Latvian Republic.
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