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2008 November 18   15:03

Rosneft wants govt to reduce oil transportation tariffs - source

Rosneft  (RTS: ROSN) has asked the Russian  government  to  consider  lowering  the  tariffs charged by the transportation  monopolies  to  pre-2007 levels, a source at the company

told Interfax.

The  tariffs  rose  53% in 2007-2008, Rosneft said in its appeal to the government.   Given  continuing  declines  in  oil  prices,  Rosneft proposes  that  the  government  consider  lowering  the  tariffs to the January 1, 2007 level, when oil prices were on a par with those today.

The  government  instruction  would be addressed to Transneft (RTS: TRNF), Russian  Railways  (RZD) (RTS: RZHD), Federal Tariffs Service and other organizations involved in setting transportation tariffs.

Rosneft declined to comment on the report.

An  oil industry insider said the big oil companies are in talks to draft a  joint  letter  to  the government to lower the tariffs to their level at  the  beginning  of  2007.  "That  joint  letter is still being drafted. It hasn't been signed," the source said.

The oil companies would not comment on the report.

Lukoil  (RTS:  LKOH)  President  Vagit  Alekperov has said that his company  planned  to  ask the government to lower the tariffs charged by Transneft,  Transnefteprodukt  and  RZD.  The  move  "would  allow us to maintain oil production volumes," Alekperov said.

In 2007 the average price for Urals blend was $64.9 per barrel, 13% higher than  in  2006,  according  to  Rosneft's  quarterly  report.  In January-September  2008 the average price for Urals was $108 per barrel, 51.8% higher  than  the  price  in 2007. The price declined to $97.6 per barrel in September, 25.2% less than in July 2008, when the price peaked at $130.4.

The spot  price  for  Urals  crude (c.i.f. Mediterranean ports) on November  17 was at $48.14 per barrel, $1.14 less than the previous day. The price  for delivery to ports in Western Europe (Urals c.i.f. Central and Western  Europe)  was  $47.44  per  barrel (down $1.09) and Siberian light (c.i.f. Central and Western Europe) was at $50.67 per barrel (down $0.91).

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