FBK Legal drafted an expert opinion for Transneft on transportation of oil through the channels
Sergey Ermolenko, Head of Antitrust Practice at FBK Legal, took part in a panel meeting of Transneft, JSC dedicated to a critical evaluation of economic and strategic importance of international channels as oil transportation routes.
The panelists stated that currently about 50 percent of annual global oil production which is roughly 2 billion tonnes of oil and oil products is brought to customers by sea. It is therefore vitally important to prevent disturbance of sea transportation processes as it may dramatically weigh on the world petroleum market.
The FBK lawyers prepared their expert review on regulations governing the status of international channels and canals and special aspects of the treaties and conventions governing shipping traffic in the regions of major importance for Russian oil exporters. The review dwells among other things on the provisions of international maritime law related to the shipping rules applicable with respect to the Bosphorus Strait and the Dardanelles Strait which serve as transportation routes for the export of oil and oil products from Novorossiysk, through the Danish Straits (they serve as export routes for Ust-Luga and Primorsk ports), as well as through the channels and canals of South-East Asia, Central America and Middle East.
Sergey Ermolenko noted that the review of the legislation allows to mitigate oil export risk and facilitates seamless uninterrupted activities of exporters and transporters.
The expert board of Transneft, JSC is a high-profile forum for topical issues of the energy sector. The Board meetings are organized on a regular basis and attract representatives of leading advisory firms, government authorities, and the Transneft high-caliber managers.
The panelists stated that currently about 50 percent of annual global oil production which is roughly 2 billion tonnes of oil and oil products is brought to customers by sea. It is therefore vitally important to prevent disturbance of sea transportation processes as it may dramatically weigh on the world petroleum market.
The FBK lawyers prepared their expert review on regulations governing the status of international channels and canals and special aspects of the treaties and conventions governing shipping traffic in the regions of major importance for Russian oil exporters. The review dwells among other things on the provisions of international maritime law related to the shipping rules applicable with respect to the Bosphorus Strait and the Dardanelles Strait which serve as transportation routes for the export of oil and oil products from Novorossiysk, through the Danish Straits (they serve as export routes for Ust-Luga and Primorsk ports), as well as through the channels and canals of South-East Asia, Central America and Middle East.
Sergey Ermolenko noted that the review of the legislation allows to mitigate oil export risk and facilitates seamless uninterrupted activities of exporters and transporters.
The expert board of Transneft, JSC is a high-profile forum for topical issues of the energy sector. The Board meetings are organized on a regular basis and attract representatives of leading advisory firms, government authorities, and the Transneft high-caliber managers.