investments in refinery modernization will amount to a trillion rubles – Kommersant

In Russia, it is planned to commission and reconstruct 50 technological installations for the production of fuel, said Deputy Prime Minister Alexander Novak. According to him, by 2028, investments in oil refineries will amount to about 1 trillion rubles. Mr. Novak claims that the Russian domestic market is fully supplied with fuel, and therefore the ban on the export of diesel fuel may soon be lifted.

“Since 2021, the mechanism of investment agreements has been applied. 21 such agreements have already been concluded between the Ministry of Energy and oil refining companies. It is planned to commission and reconstruct 50 technological installations for fuel production. We expect investments in the industry of about 1 trillion rubles until 2028,” Mr. Novak said at a government hour in the Federation Council (quoted from TASS). According to the Deputy Prime Minister, the commissioning of new capacities will increase the production of gasoline by 4 million tons per year and diesel by 30 million tons.

Mr. Novak said that from the third ten days of September, exchange prices for gasoline were reduced by 15–20% “with a subsequent reduction in small wholesale prices.” “Now the domestic market is fully supplied with fuel, the price differential between independent gas stations and vertically integrated companies has decreased,” he said.

The Deputy Prime Minister recalled that last week the ban on the export of motor gasoline was lifted. According to him, in the near future “decisions will be made to cancel the export of diesel fuel, since now the market is full and these decisions that were made have fulfilled their functionality.”

Investments in petrochemicals until 2030 will amount to 3–3.5 trillion rubles, the Deputy Prime Minister said. Five investment agreements have been concluded. From 2022 to 2027, the volume of investments in petrochemicals should amount to 800 billion rubles. It is expected that by 2026 the capacity of Russian oil ports will be expanded by 32 million tons. We are talking about the port infrastructure of Kozmino, as well as the western ports of Primorsk, Ust-Luga, and Novorossiysk.

About the consequences of the lifting of the embargo – in the material “Kommersant” “Gasoline has become more expensive psychologically”.

Leonid Uvarchev