Russian govt to develop additional measures to support oil refining - Energy Ministry

MOSCOW. July 31 (Interfax) - Russia's Energy and Finance ministries, as well as other interested departments, will develop additional measures to support oil refining, as maintaining the sector's profitability is key to maintaining the volume of supplies of petroleum products, First Deputy Energy Minister Pavel Sorokin told State Duma deputies.

"The task is of course for oil refining to maintain profitability, for it to remain attractive. Therefore, all effective tools that have proven their usefulness and effectiveness will be developed in order to maintain them," Sorokin said.

"Maintaining profitability is a key element in maintaining volume. If there is no profitability, there will be no volume. This formula applies in any sector. As for new measures, we'll be working on them as well with the Finance Ministry. Of course a balance is needed here between the interests of the budget and the interests of the sector, so we'll be working on further measures with the Finance Ministry - not just existing ones, but also additional ones - where needed," Sorokin said, adding that similar steps were being worked on with other ministries also.