Established in 1993 and employing over 114,000 workers, Transneft is a Russian state-owned transportation company operating the Russian oil and oil-product trunk pipelines network. The company is headquartered in Moscow and is listed on the Moscow Exchange.

    The largest pipeline company in the world, Transneft provides transportation of 90% of the oil extracted in Russia and more than 27% of oil products produced in Russia as well as significant amounts of hydrocarbons and oil products to the Commonwealth of Independent States (CIS) countries. Transneft oil pipelines link major Russian oilfields with refineries and export markets in Europe and Asia, directly and via sea ports.

    Mumtalakat’s investment was made via its co-investment programme with the Russian Direct Investment Fund (“RDIF”)