"Transneft" will lengthen the timing of investment, technical re-equipment program, reconstruction of pipelines and to increase the share of loans, he said in an interview with "Pipeline transportation of oil," the first vice-president Maxim Grishanin company. The reason - the Federal Antimonopoly Service approved the indexation rate in 2016 to 5.76%, down 4.95 pp below the company's expectations...

In March 2014 the government decided that "Transneft" rates in 2016-2017. will be indexed by a factor of 0.9 to inflation, and in 2018-2020. - By a factor of 0.9-1. Offer monopoly in 2016 was 10.71%. "This is just 90% of the expected rate of inflation for the previous year", - said Grishanin. But the decision of the FAS - an increase of 5.76%. "In" Transneft "exception declining market for the establishment of tariffs can not be, - explained Head of Service Igor Artemyev. - In the fall of the economy, tariffs should be reduced. And significantly "(according to" Interfax quoted "). The FAS is more conservative with regard to monopolies tariffs than the Federal Tariff Service, JPMorgan analysts say.

"Transneft" did notopoluchit 26.8 billion rubles., Grishanin said. This amount is applied to the under-funding of previous years, so the size of loans needed to finance capital construction, will be updated, said a spokesman of "Transneft". Previously, he said, "Interfax", that in 2015 the company received less 21.5 billion rubles. "Transneft" is included in the sanctions list of the US and EU, which limits the ability to attract money, reminded Grishanin. Investment program of "Transneft" to 2020 - 2.2 trillion rubles. Major investments were to fall on 2016-2017 years., But in late October, the Board of Directors moved them to 2018-2020 years. And the president of "Transneft" Nikolay Tokarev admitted that the investment will not be completed in 2020, and in 2021 Investing in 2016 the monopoly has not yet disclose. 2015 Plan was 383.3 billion rubles. For the nine months disbursed 237.2 billion rubles.

Because of predictable financial results in "Transneft" should not have problems with the involvement of long-term loans, says analyst "Uralsib" Alexei Kokin. Net debt of "Transneft" - 581 billion rubles. (Or 1,7 EBITDA as of June 30), led the company mayichit load, but it is better to borrow in rubles, says Gazprombank analyst Alexander Nazarov.