Russia's Putin: Oil Firms Failed To Modernize Refining Segment
July 08 2011 - 11:24AM
Dow Jones News
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.
-By Jacob Gronholt-Pedersen, Dow Jones Newswires; +7 495
232-9197; jacob.pedersen@dowjones.com
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