Gazprom Neft diverting exports to new markets

Gazprom Neft is diverting supplies of oil and oil products to Asia's emerging markets amid European Union and United States sanctions, Gazprom Neft CEO Alexander Dyukov said at the New Horizons marathon held by Russia's Znanie society.

Gazprom Neft is operating stably in spite of sanctions, Dyukov said. The company's business processes are effective and passed the test of Covid-19 in 2020, when there was an unprecedented drop in demand, and the company ended the year with a profit, he said.

The oil market is global, and oil and oil products are in demand not only in Europe, Dyukov said.

"We're continuing the process of diverting freight traffic to other markets," Dyukov said, noting that growth in demand is taking place predominantly in the emerging markets of Asia, and the company is supplying volumes that were previously supplied to Europe there.