The president of Russia's largest oil company, LUKoil, said Tuesday that all Russian crude must be refined inside the country.
This is a top priority task for Russian oil companies, Vagit Alekperov said at a meeting between President Vladimir Putin and leaders of the Russian Union of Industrialists and Entrepreneurs.
Russian oil companies currently export 50% of the crude extracted in the country. In addition, they export 50% of refined products. Russia consumes 25-27% of refined products, Alekperov said.
The LUKoil president said the transition to the tougher Euro-5 car emissions standard by 2015 will require a $5 billion investment in Russian refining facilities.
Also, additional funds and the concentration of labor are required to build new petrochemical facilities in Russia, Alekperov said.
In this connection, he proposed that the Russian government shift the tax burden from environmentally friendly to environmentally hazardous enterprises to stimulate the establishment of petrochemical complexes.
Source: RIA Novosti
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