Refining margin of Russian plants to increase 2.5 times in 2015-17, official says

Refining margin of Russian plants will increase 2.5 times in 2015-17, IAA PortNews cites Anton Zharinov, head of Foreign Trade Regulation Department at RF Ministry for Economic Development, as saying at the International Congress OilTerminal 2014 in Saint-Petersburg. According to him, it will be driven by a tax manoeuvre. It will encourage accelerated modernization of refineries aimed at maximum refining of oil products, Anton Zharinov said. Tax burden of conventional oil production will decrease by 3%, production of preferential oil will see a decrease of tax burden by 5% to 24%.
 
The official says improvement of oil refining efficiency in Russia should be accelerated considering the development of refining in China.