Ministry working on refining support plan

摘要

Russia's energy ministry is working on measures to support the refining sector. But the prospect of meaningful action remains uncertain, because the government has yet to decide on the overall direction of oil industry taxation reform. Proposals for supporting the refining sector will be drawn up this month, deputy energy minister Alexei Texler says. Russia's refining sector is in a difficult situation and requires government support, energy minister Alexander Novak says. Russian refining margins have been undermined by the impact of higher domestic crude prices - reductions in the base crude export duty have made exports more attractive - and lower product values since the second half of 2014.