Russia’s oil pipeline monopoly Transneft reported a 13% increase in Q1 net earnings year on year to RUB 56.7bn on the back of higher sales. Transneft’s revenues in January-March edged up by 1.3 percent to RUB 263.3bn. The company reported €4.9bn in payments to oil suppliers in the first quarter of 2020 as compensation for oil contamination in April 2019. The company also said oil exports to China via a spur of the ESPO pipeline and Kazakhstan could increase in June by 27 percent month on month, while total Russian pipeline oil supplies will fall to 32.55 million tonnes in June this year from 38.05 million tonnes in June last year.
