Russian Pacific port raises 2014 crude oil export forecast

Russia's Pacific port of Kozmino plans to export 24.6 million tonnes of oil this year (494,000 barrels per day), up from 21.3 million tonnes last year, Deputy Energy Minister Kirill Molodtsov said on Tuesday.

Russia is ramping up exports eastwards as it tries to reduce reliance on its main market, Europe, because of the threat of expanded EU sanctions against Russia over the crisis in Ukraine.

In January, the port operator said that exports this year were expected to total 22-23 million tonnes. Molodtsov did not say whether exports to Europe would fall as a result of the planned increase.

Igor Dyomin, a spokesman for oil pipeline monopoly Transneft , confirmed the new figure. He said that of the total 24.6 million tonnes to be shipped, 1.2 million would be delivered to the port by railway and the rest via the East Siberia-Pacific Ocean pipeline.

Copyright, Reuters, 2014.