Energy Ministry ready to alter oil refining policy if situation warrants - Novak
MOSCOW. Dec 20 (Interfax) - The Russian Energy Ministry will be ready to alter state policy in the oil refining area if the situation abruptly deteriorates, but the sector is currently operating stably, Energy Minister Alexander Novak said in an interview with the newspaper Vedomosti.
The ministry earlier considered rejecting the shift to a 100% export duty on fuel oil to support the refining sector. It noted that refining margins were narrowing and many oil refineries were operating at a loss.
"We discussed the completion of the tax maneuver with the companies and all agreed that this must be done as planned, in 2017, including introducing a 100% export duty on fuel oil," Novak said.
"Currently the domestic market is being fully supplied with Euro 5 fuel, as planned. At the same time, if there is some kind of complicated, difficult situation with oil refining, we will react, come out with proposals to address the situation," he said.