Transneft Q3 21 - FCF beats expectations on one-offs, temporarily lower capex
EBITDA expectedly up on transportation recovery and tariff indexationFCF above expectations due to possible repair capex delays and one-offs
We treat the results as marginally positive
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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