Russian govt approves resolution on non-termination of oil refinery modernization agreements so that plants continue to receive oil reverse excise tax

MOSCOW. Oct 17 (Interfax) - The Russian government has approved a resolution on the non-termination of oil refining capacity modernization agreements, the government's press service said.

Participants of the refinery modernization program will be able to continue implementing measures and receive the reverse excise tax on raw materials even if the modernization deadlines are shifted, the press service said.

This decision will allow oil companies to complete refinery modernization projects, which will have a positive impact on the domestic petroleum products market, it said.