The Ministry of energy of Russia expects by the end of 2015 increase oil exports

The Ministry of energy of Russia expects by the end of 2015 increase oil exports

Tax reform, implemented in 2014, worked as planned – the production of raw materials increased, exports increased, due to the modernization of oil refineries refining depth was more.

MOSCOW, 24 Dec. Oil exports from Russia in 2015, according to preliminary data, grew by 7.5% compared to 2014 and will amount to 238 million tons, said energy Minister Alexander Novak.

“The tax maneuver, which was adopted at the end of last year, has worked the way we wanted. We wanted the production increased to the amount of processing has decreased, export — increased and increased through the modernization of the refinery, the refining… the first time in six years this year, increase oil exports,” said Novak.

“Despite the fact that many of our foreign partners expected that Russia will cut production, this did not happen. We will have production volume of the order of 533 million tonnes by the end of the year can be 533,3-533,6 million tons, let’s see how the final figures will emerge,” he said.

The volume of primary oil refining in 2015 is projected at 282 million tons (decrease on 2,4%), according to the documents of the Ministry. The processing depth will reach 73.5 per cent versus 72.4 per cent a year earlier, production of oil will decline by 9.4% to 71 million tons. Production of diesel fuel would amount to 75.6 million tonnes (down 2.2%), gasoline — to 38.9 million tons (growth on 1,6%).

By the end of 2014, production of oil and gas condensate amounted to 526,7 million tons, export — 221,3 million tons.