Government to extend tariff freeze to Transneft in 2014 - official

The Russian government has decided in principle to extend the tariff freeze to Transneft (RTS: TRNFP) in 2014, Russian Deputy Prime Minister Arkady Dvorkovich told reporters on Saturday.

The Russian government has decided in principle to extend the tariff freeze to Transneft (RTS: TRNFP) in 2014, Russian Deputy Prime Minister Arkady Dvorkovich told reporters on Saturday.

"There is no such mention in a normative document but a decision has been made in principle. I mean a political decision," he argued.

The Economic Development Ministry's proposal to freeze natural monopoly tariff rates in 2014 was approved at a conference chaired by the Russian president in the middle of September.

Meanwhile, Transneft said it had approved an investment program of 2014 and the period until 2018 at 500 billion rubles, including 348 billion rubles for the development of oil trunk pipelines and 152 billion rubles for the development of petroleum product trunk pipelines.

It stressed the proposed tariff freeze and higher property tax rates would require revision of its investment plans and a possible investment cutback until 2018.

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