Larger part of ineffective mini-oil refinery plants in Russia to be shut down after the introduction of tax manoeuvre

​The Ministry of Finance thinks that the larger part of ineffective mini-oil refinery plants (there are about 200 of them in Russia) should be shut down after the introduction of the tax maneuver, the press service commented on the shutdown of Lukoil’s oil refinery plant in Ukhta due to its low profitability which is explained by the oil price fall and introduction of the tax maneuver.

Previously the co-owner of Lukoil, L. Fedun, told Reuters that the company would shut down the oil refinery plant in Ukhta due to its low profitability.

“The reduction of ineffective oil refining was one of the targets of the tax maneuver. At the present time a bit less than 200 oil refinery plants are functioning gin Russia, the main goal of which before the introduction of the tax maneuver was the primary oil processing aiming for further export of grease oil and making the additional margin on the difference in duties. The larger part of these plants should be shut down”, the press service of the Ministry of Finance said.

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