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
Exclusive: Renewables Won't Promise Affordable Security without NatGas
2024-03-25 - Greg Ebel, president and CEO of midstream company Enbridge, says renewables needs backing from natural gas to create a "nice foundation" for affordable and sustainable industrial growth, in this Hart Energy Exclusive interview.
BKV CEO: Texas Grid Needs More Combined Cycle NatGas Plants
2024-04-12 - BKV CEO Chris Kalnin dives into the "core issue" of Texas' renewable grid and how the company is increasing production as the the largest producer in the Barnett Shale, in this Hart Energy Exclusive interview.
Biden Administration Hits the Brake on New LNG Export Projects
2024-01-26 - As climate activists declare a win, the Department of Energy secretary says the pause is needed to update current policy.
Trans Mountain Pipeline Announces Delay for Technical Issues
2024-01-29 - The Canadian company says it is still working for a last listed in-service date by the end of 2Q 2024.
Tellurian Head Counters Rumors, Says Company is Focused on ‘Commercial Matters’
2024-01-29 - LNG development firm Tellurian is disputing rumors that the company is looking to sell following its hire of financial advisory firm Lazard.