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Russia to finance modernization of 14 oil refineries

Oil&Gas Materials 15 April 2021 10:12 (UTC +04:00)
Russia to finance modernization of 14 oil refineries

BAKU, Azerbaijan, Apr.15

By Leman Zeynalova – Trend:

Russian energy ministry has signed agreements with oil refineries to provide of an investment premium to the returnable excise tax on crude oil until January 1, 2031 for the construction of new deep processing facilities, Trend reports citing the ministry.

Under the agreements, oil companies are planning to commission and reconstruct 30 processing units for secondary oil refining, as well as auxiliary units and off-site facilities.

The commissioning of these facilities will positively affect the domestic fuel market and allow to increase the production of gasoline of ecological class K5 by more than 3.6 million tons per year, to increase the production of diesel fuel of ecological class K5 by more than 25 million tons per year, and to upgrade Russia’s technological capacities for oil refining.

The agreements apply to the following refineries: Moscow Refinery, Omsk Refinery, LUKOIL-Nizhegorodnefteorgsintez, Afipsk Oil Refinery, Orsknefteorgsintez, Novoshakhtinsk Oil Products Plant, TANECO, Ilsk Refinery, Gazprom Neftekhim Salavat, Novokuibyshevsk Refinery, Syzransk Oil Refinery and Antipinsky Refinery.

The planned volume of investments in secondary processing units as part of the modernization programs for the listed refineries from 2019 to 2026 inclusive will amount to about 800 billion Russian rubles ($10.3 billion).

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Follow the author on Twitter: @Lyaman_Zeyn

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