Russia plans to sharply increase fuel exports and acquire a larger share of the European market after an extensive $55 billion modernization of its refineries, companies’ plans and analysts’ reports show.
Russia began modernising its biggest refineries in 2011 after a fuel shortage crisis.
The modernisation, not yet complete,led to a surge in output of light products and exports, which has damaged European refineries’ margins.
A Russian think tank expects Russian primary oil refining volumes to rise by 8 million tonnes this year.
The consultancy forecasts Russia’s exports of light oil products, including diesel, will increase this year to 106 million tonnes from around 95 million tonnes in 2017 as domestic consumption falls.