Oil exports from Russia in 2015 to rise due to launch of oil refinery capacities – Novak

​Oil export from Russia in 2015 will rise due to the launch of oil refining capacities, this is the assessment of the Minister of Energy, A. Novak.

According to him, the growth of Russian oil export should go on as the domestic oil refinery plants will reduce the capacities due to the modernization works aimed for the reduction of output of low-quality products and rise of a stake of high-quality production but in smaller volumes.

“The strategy is in the reduction of processing volumes. It is connected with the rise of output of light oil products due to the modernization”, Mr. Novak said. He added that there is no need in new oil refinery enterprises as old plants will be shut down. “Ineffective plant will be closed due to the competition”, he said.

Mr. Novak said that oil extraction in the country will stay at the level of over 10 mln barrels a day despite of some expectations of the fall due to the fall of the world prices. Mr. Novak forecasts that oil export from Russia will rise in 2015 to 3 mln tons against 224 mln tons in 2014 and to 280 mln tons a year from 2035. The Minister reminded that Russia plans to ship 31 mln tons of oil to China in 2015, by 3 mln more than in 2014.