65% of Russian Oil Refineries Outdated — Official

Sixty-five percent of Russia’s oil refineries are outdated and in need of major reconstruction work, the country’s Deputy Economy Minister Kirill Androsov said on Friday, March 3.

Speaking at a meeting of the Federation Council, upper house of the Russian parliament, Kirill Androsov said that an economic motivation for reconstruction of oil refineries must be provided by using them to produce higher-quality fuels. “A stimulus for reconstruction must be provided not by nationalizing them, but by using higher-quality fuels. When it’s profitable to use high-quality gasoline, oil companies will produce it,” Androsov said, quoted by RIA Novosti. He added that this could be done by lowering duties on high-quality fuels.

Moscow Times