September 5, 2019 / 2:46 PM / 17 days ago

Russia's Transneft plans setting aside cash provision for dirty oil compensation - Ifax

MOSCOW, Sept 5 (Reuters) - Russian pipeline monopoly Transneft said on Thursday it planned to set aside a cash provision from its nine month profits for compensation payments over a major oil contamination incident earlier this year, Interfax news agency reported.

Maxim Grishanin, a Transneft first vice-president, was quoted as saying that his company has not yet received any compensation claims for the tainted oil from the Russian companies, so cannot estimate potential payments.

"We plan to create a (cash) provision from the company's nine months results," he said, without providing a specific amount. (Reporting by Maria Tsvetkova; Writing by Tom Balmforth; Editing by Katya Golubkova and Elaine Hardcastle)

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