All Russian crude must be refined on Russian soil - LUKoil head
The president of Russia's largest oil company, LUKoil, said Tuesday that all Russian crude must be refined inside the country, RIA Novosti reports.
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.