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Gazpromneft reports 34.4% fall in 1H bunker fuel sales but sees market share increase

24 Aug 2020

Russian oil producer Gazpromneft on Thursday (20 August) posted a 34.4% fall in bunker fuel sales for the first half of 2020 (1H 2020) compared to a similar period last year.

Gazpromneft sold 1.05 million metric tonnes (Mt) of bunker fuel in 1H 2020, compared to 1.60 Mt sold in 1H 2019. 

“Sales of marine fuels and lubricants were significantly affected by various limitations as well as decreasing demand in Russia and worldwide under the COVID-19 epidemic: even under these unprecedented conditions, however, the Company continued to successfully increase its market share in various specialized market sectors,” said the company.

The company reported a 5.8% year-on-year increase in its share of the Russian bunker fuel market, reaching 21% in 1H 2020. 

Gazpromneft’s Omsk Refinery has been producing IMO 2020 compliant marine fuel since January 2020, and recently became the first Russian oil company to join Society for Gas as a Marine Fuel.  

In 1H 2020 it also expanded its lubricant distribution network to South Korea and the Mediterranean despite the COVID-19 outbreak. 

Related: Gazpromneft the first Russian oil company to join Society for Gas as a Marine Fuel
Related: How the structure of the marine fuels market is changing: From Marine Fuel Oil to LNG
Related: Gazpromneft Marine Lubricants expands network in Mediterranean amidst COVID-19
Related: Gazpromneft Marine exceeds 15,000 mt bunker fuel sales in Q1 at Constanta, Romania
Related: Gazpromneft Ocean engine lubrication oils now available in South Korea
Related: Gazprom Neft IMO 2020 compliant bunker sales up by 47% in 2019
Related: Gazprom Neft commences commercial production of VLSFO


Photo credit: Gazpromneft
Published: 24 August, 2020

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