Thursday, June 20, 2019
Home News Experts predict problems with gasoline sales at Russian refineries

Experts predict problems with gasoline sales at Russian refineries

In Russia, there was a surplus of gasoline production capacity; in 2018 alone, they increased by two million tons per year due to the launch of new units at Taneko and the Antipinsky refinery. They write about this "Vedomosti" with reference to the materials of Argus Consulting.

Modernization of Russian oil refineries began in 2011, when the market for light petroleum products in Russia teetered on the verge of shortage. Since then, the shortage of production capacity has been transformed into a surplus. Until 2026, nine more refineries will be upgraded, and the production of Euro-5 gasoline will increase by another three million tons per year.

A surplus of capacity may result in problems with the sale of fuel, analysts at Argus Consulting say. And since the domestic market for light hydrocarbons is growing slowly, plants will have to look for new markets, they predict.

From January 1, 2019, refineries received the right to claim a return excise on crude oil, which is sent for deep refining, subject to a number of conditions, including the provision of high-quality fuel to the domestic market and capacity modernization. The return excise will be a substitute for the so-called customs subsidy, which, due to the reduction of the export duty rate and the growth of the domestic extraction tax, is reduced. This type of compensation is designed to reduce fluctuations in fuel prices in the country when oil prices jump on the world market.

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