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. Last Updated: 07/27/2016

Ukraine, Russia Mull Oil Transit Fees

KIEV -- Ukrainian and Russian oil transit monopolies Ukrtransnafta and Transneft will start talks next week on raising transport prices through Ukraine's network, Ukrtransnafta head Ihor Kyryushyn said in an interview published Thursday.

In an interview with daily newspaper Delo, Ihor Kyryushyn gave no indication of how much transit tariffs should go up from current prices. "Against a background of global oil price rises -- 64 percent in one year alone -- the cost of transit has not changed. Transit tariffs are unjustifiably low," he said.

"Kazakhstan, Russia, Belarus and Ukraine have an interest in reviewing the tariffs. We all have a common problem -- for many years, the deterioration of pipelines outstrips the spending on renewing them."

Ukrtransnafta transported 43.762 million tons from January to October, a rise of 16 percent from the same period last year.