According to Vedomosti, the Federal Transport Control agency has cancelled the ban on using tanks design for light oil products for transporting crude oil and dark oil products. The paper did not report the date when this regulation might be implemented again. Previously, oil companies had asked to postpone it until August 2012.
We do not expect this new regulation to have any notable effect on oil companies’ operations. Given the significant dependence of both the refineries in the Russian Far East (Khabarovsk and Komsomolsk) on the railway transportation capacities and the lack of any other, comparably cheap, delivery channels, implementation this regulation immediately could result in a deficit of oil products within the region. The Russian government would not be in favour of such a scenario, we believe. The new is neutral for Russian oil stocks.