Bashneft forecasts collapse for many oil refineries

One of the Russian largest oil refiners Bashneft forecasts the unavoidable collapse for many oil refineries in the next few under the scenario similar to Europe, where approximately 20 refineries have closed within the last years faling to the new Asian and Middle Eastern capacities.

The President of Bashneft, A. Korsik says that soon the Russian market will face excessive petrol supplies, and it will be not be advantageous to refine dark oil products. The companies that will fail to improve their plants to the normal state will start losing their shares in the market and suffer from losses, and probably will have to close.

Russia refines annually over 260 million tons of oil, and produces 73 million tons of fuel oil. Its exports will become unprofitable after the planned decraese in the duty for dark oil products to 100% to 66% of oil duty planned by the Government.

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