Oil cos bearing high costs to protect oil refineries, but greater losses will be incurred if they stand idle - Novak

VLADIVOSTOK. Sept 2 (Interfax) - Russian oil companies are having to spend large sums of money to protect their oil refineries, but the losses would be greater if they were shut down, Russian Deputy Prime Minister Alexander Novak told journalists at the Eastern Economic Forum (EEF).

"These are high costs for oil refineries and energy facilities. But it is worth it, because if refineries are shut down and stand idle, enterprises will suffer greater losses, and companies are bearing additional costs now," Novak said.

He said that companies were working alongside the Defense Ministry and Rosguard to protect their facilities. "Over the last few months, this work has been stepped up in response to increased attacks on oil refineries," Novak said.

He said that around 10% of oil refineries were currently in the repair stage, but that planned repairs for some other sites had previously been postponed in order to satisfy higher demand during the summer period.