Tax overhaul heaps pressure on Russian refiners
More expensive feedstock threatens independent operators
Russia's biggest oil tax overhaul in decades is having a profound impact on its refining sector, forcing operators to upgrade their plants or risk being forced out of the market. The changes introduced this year have also put pressure on domestic fuel prices—a politically sensitive issue—and could spur further consolidation of the industry. Russian refining margins have further weakened this year following the launch of Moscow's so-called 'tax manoeuvre'—a six-year plan to phase out export duties on crude oil and petroleum products and raise mineral extraction tax (MET). While the reforms will enable Russian oil exporters to better compete, they will also drive up the cost of domestic feedst
Also in this section
1 April 2025
There is method to the US president’s apparent madness, and those seeking to understand need look no further than their local bookshop
1 April 2025
Strong economic growth targets are encouraging for the country’s energy demand growth, even if meeting those goals might be a tall order
28 March 2025
The Central Asian country is positioning itself as a low-carbon leader, but antiquated infrastructure and a dependence on Russia are holding it back
28 March 2025
MCEDD 2025 took place in Madrid this week with record attendance and a wide-ranging programme, reflecting the deepwater sector’s renewed momentum, strategic focus and accelerating technological innovation.
