The president of Russia's largest oil company, LUKoil, said Tuesday that all Russian crude must be refined inside the country.
This is a top priority task for Russian oil companies, Vagit Alekperov said at a meeting between President Vladimir Putin and leaders of the Russian Union of Industrialists and Entrepreneurs.
Russian oil companies currently export 50% of the crude extracted in the country. In addition, they export 50% of refined products. Russia consumes 25-27% of refined products, Alekperov said.
The LUKoil president said the transition to the tougher Euro-5 car emissions standard by 2015 will require a $5 billion investment in Russian refining facilities.
Also, additional funds and the concentration of labor are required to build new petrochemical facilities in Russia, Alekperov said.
In this connection, he proposed that the Russian government shift the tax burden from environmentally friendly to environmentally hazardous enterprises to stimulate the establishment of petrochemical complexes.
Source: RIA Novosti
Recommended Reading
Marketed: EnCore Permian Holdings 17 Asset Packages
2024-03-05 - EnCore Permian Holdings LP has retained EnergyNet for the sale of 17 asset packages available on EnergyNet's platform.
Elk Range Royalties Makes Entry in Appalachia with Three-state Deal
2024-03-28 - NGP-backed Elk Range Royalties signed its first deal for mineral and royalty interests in Appalachia, including locations in Pennsylvania, Ohio and West Virginia.
Exxon Shale Exec Details Plans for Pioneer’s Acreage, 4-mile Laterals
2024-05-03 - Exxon Mobil plans to drill longer, more capital efficient wells in the Midland Basin after a major boost from the $60 billion Pioneer Natural Resources acquisition. Data shows that Exxon is a leading operator drilling 4-mile laterals in the Permian’s Delaware Basin.
Marketed: Rock Oil Holdings Mineral, Royalty Opportunity in Midland Basin
2024-04-09 - Rock Oil Holdings has retained PetroDivest Advisors for the sale of a mineral and royalty opportunity in Howard County, Midland Basin.
Sitio Royalties Dives Deeper in D-J with $150MM Acquisition
2024-02-29 - Sitio Royalties is deepening its roots in the D-J Basin with a $150 million acquisition—citing regulatory certainty over future development activity in Colorado.