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Russia closes three large oil refineries, they came out with a loss

2024-11-15 18:58:09Kosova&Bota SHKRUAR NGA REDAKSIA VOX
Russia closes three large oil refineries, they came out with a loss
Oil refinery in Russia

At least three Russian refineries have halted or significantly reduced processing due to heavy losses amid export restrictions, rising crude prices and high borrowing costs, five industry sources told Reuters.

The shutdowns highlight the difficulties of Russia's refining industry, which is in the midst of Ukrainian drone attacks and Western sanctions on Russia, which force refiners to sell fuel at discounts as well as high interest rates.

The five sources who work at the companies, which operate the refineries and are familiar with the refineries' finances, said the three plants - Tuapse, Ilsky and Novoshakhtinsky - have suspended or stopped operations in recent months.

Such a development has not been reported before.

The crisis is reducing fuel exports and reducing company revenues, generating less money for the state budget at a time of high inflation and uncertainties in energy markets already troubled by sluggish demand.

Refiners around the world reaped record profits in 2021 and 2022 from increased post-pandemic travel demand and recovery in economic activity.

However, margins fell sharply as large new factories opened around the world and demand growth slowed, in part due to efforts to move away from fossil fuels.


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