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Russia’s Gazpromnneft reported revenues of RUB515 billion for the first quarter (Q1) of 2020, down from RUB614 billion last year, but its refining volumes were up more than 3% to 10.3 million tonnes – and this included increased production of IMO 2020-compliant very low sulphur fuel oil (VLSFO).

In a statement issued today (28 May) regarding its Q1 consolidated results, Gazpromneft noted: ‘The Company increased its production and sale of environmentally-friendly marine fuels, with the Omsk Refinery starting the production of a new low-sulphur fuel (with less than 0.5% sulphur content) from January 2020, a proprietary development of the Company.’

In the longer term, however, the Omsk refinery’s output of fuel oil will decrease when a new delayed coking unit (DCU) is fully installed.

Gazpromneft said that the drop in revenue ‘reflects a decline in oil demand, as well as lower prices of oil and oil products, the negative impact of deferred export duties, and the decrease of the joint ventures’ contribution to the Company’s EBITDA.’

 

 

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