Russian oil companies have failed to live up to their obligations to modernize the refining sector, the country's Prime Minister Vladimir Putin said Friday.
Russian oil companies have failed to live up to their obligations to
modernize the refining sector, the country's Prime Minister Vladimir Putin said
Friday.
"I say with regret that most of our companies haven't met their
responsibilities to increase the depth of oil processing, even though they have
taken full advantage of tax breaks from the government," Putin told oil
industry executives and energy officials at a meeting in Kirishi in
Northwestern
Russia
.
Putin said oil companies had given assurance that additional funds received
from lower export duties were being invested into refining.
"In fact, that has unfortunately turned out to be far from the case. The
qualitative upgrading of Russian oil refineries is not taking place,"
Putin said.
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