Transneft to Reroute Oil if Turkey Closes Straits

Russia's oil pipeline monopoly Transneft has the capacity to reroute oil from Russia and the Caspian Sea to other destinations if Turkey shuts the Bosphorus or Dardanelles straits, RIA News agency cites Transneft chief as saying.

Turkish maritime authorities on Saturday shut the Bosphorus Strait to tankers for several hours following what the government said was an attempted coup.

The strait, which links the Black Sea and Sea of Marmara and is important for oil shipping, was reopened the same day.

Nikolai Tokarev, the head of Transneft, said the company has enough spare capacity in its westbound pipeline system to reroute oil in the event of any further closures of the straits.

"If needed, in an urgent case, (Transneft) is able to pump westward all the oil and refinery products volumes that are being shipped from (the Black Sea port of) Novorossiik," Tokarev said.

Reporting by Denis Pinchuk