December 2015

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HP Global: Forthcoming tax hike could hamper Russian refining

Russia plans to increase the volume of oil it refined this year, despite Western sanctions and the ever-deteriorating business environment, according to an official spokesperson for Alexander Novak, Russia’s minister of energy.

Gerden, E., Contributing Writer

Russia plans to increase the volume of oil it refined this year, despite Western sanctions and the ever-deteriorating business environment, according to an official spokesperson for Alexander Novak, Russia’s minister of energy. The Ministry of Energy believes that the volume of oil refined in Russia will reach 290 metric MMt in 2015, only a 4% increase from 2014. According to data from the Central Dispatching Department of Fuel Energy Complex, one of Russia’s leading analyst agencies for refining, the volume of oil refined in Russia in the first half of 2015 amounted to 140 metric MMt, which is 2 metric MMt less than in the same period of 2014. However, according to analyst predictions, thi

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