Russia Reopens Key Oil Terminal at Major Black Sea Port

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A recent ruling from a Russian court has overturned a temporary suspension affecting an oil berth at the Novorossiisk port on the Black Sea, as reported by an industry insider to Reuters.

This particular berth,referred to as mooring number 8,is managed by Transneft,which is Russia’s state-run oil pipeline entity. Just last week, Transneft announced it would pause operations at this location for three months following an unexpected inspection conducted by a transport regulatory body.

The port faced a fine of 200,000 roubles (approximately $2,322) due to unspecified violations. Though, details regarding these infractions remain unclear. As of now,Transneft has not provided any public comments on the situation.

Novorossiisk Commercial Sea Port stands out as one of Russia’s key hubs for oil exports.Despite the temporary closure of this single mooring facility, experts believe that it won’t considerably impact overall operations at the port.

According to sources familiar with the matter, this berth primarily accommodates smaller tankers that transport up to 10,000 tons of various oil products.

In another related development last week, a different Russian court also decided against halting operations at the Caspian Pipeline Consortium’s (CPC) terminal located in Black Sea waters. The CPC relies on two adjacent berths in Novorossiisk for exporting Kazakhstani oil and enjoys support from western investors.

As for currency exchange rates during this reporting period? The ruble was trading around 86.1455 roubles per U.S. dollar—an crucial figure for those keeping tabs on international trade dynamics.

Reference: Reuters