HomeMediaLatest NewsNew benefits for Russian oil refining: what will we spend and will it be enough?

New benefits for Russian oil refining: what will we spend and will it be enough?

27 September 2024

Gromov Alexey I. Principal Director on Energy Studies, Head of the Energy Department

Alexey Gromov, Principal Director on Energy studies at the Institute for Energy and Finance, commented to the Neft and Capital Internet portal on the recent initiative of the Ministry of Finance to provide additional benefits to Russian oil refining.

Alexey Gromov noted that now (for obvious reasons) there is no reliable information about the real state of the previously attacked refineries. Therefore, it is difficult to judge how much money will be needed to restore the refinery and when it will be completed, Gromov notes. However, additional funds for this task are now extremely relevant in any case.

"Refiners have obligations to complete the refinery modernization program, which in the current situation (drone attacks, sanctions) are extremely difficult to fulfill on time. That is why the government has taken such support measures. But it is obvious that the most urgent task for the industry will be the purchase of new imported equipment and repair of the damaged ones as a result of drone raids. After all, for companies it really was force majeure, for which money was not reserved. This is very important, since oil refining needs to complete the modernization plan, which was not completed before, as well as to prevent fuel shortages in the south of the country," the expert believes.

Gromov Alexey I. Principal Director on Energy Studies, Head of the Energy Department
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