Premier: Economic benefits of Naftan’s upgrade will compensate for Belarus’ losses due to Russia’s tax manoeuvre
<p> MINSK, Jan 22 - PrimePress. The economic benefits of the new oil refining technology to be implemented at Naftan Oil Refinery (Novopolotsk, Vitebsk Oblast) will enable Belarus to compensate for the losses from the tax reform in Russia’s oil industry. </p> <p> </p> <p> Prime Minister of Belarus Roman Golovchenko made a statement to this effect at a press-conference on Jan 22. </p> <p> </p> <p> In his words, Belarus’ OAO Naftan oil refinery (Novopolotsk, Vitebsk Oblast) plans to complete the investment project “Construction of Slow Coking Facility” in May 2021, which will enable the refinery to produce a new product - petroleum coke – by the end of the year. </p> <p> </p> <p> "This is important for us in light of the implementation of the well-known tax manoeuvre ... because by increasing the depth of refining and output of petroleum products - diesel, petrol, gasoil and coke - we are actually economically offsetting the losses from the so-called tax manoeuvre," Golovchenko said. </p> <p> </p> <p> The construction of a slow coking facility with a capacity of 1.6m tonnes per year is Naftan’s major upgrade project with a total investment of $1.6bn. As a result of the upgrade, Naftan will be able to process up to 12m tonnes of oil per year, the oil conversion ratio will increase to 90%, and the yield of light oil products will be at least 70%. Initially, they had planned to complete construction and installation operations in Nov 2019 and reach the rated capacity by mid-2020. Now the launch has been postponed till 2021. </p> <p> </p> <p> Russia has been implementing a tax reform in its oil industry, which results in moving the oil price for Belarus towards the global level. Minsk estimated losses at up to U.S. $11 billion in six years, the reform period, and at $400 million in both 2019 and 2020. </p> <p> </p> <p> Launched in 1963, Naftan is Belarus’ largest refinery and one of the largest in Europe. In 2008 Naftan incorporated another Belarusian refinery Polimir. </p> <p> </p> <p> Naftan produces euro-4 and euro-5 diesel fuel, petrol and lubricants, which are exported to the EU, the Middle East and the United States. End </p>
2021-01-23
Primepress
Premier: Economic benefits of Naftan’s upgrade will compensate for Belarus’ losses due to Russia’s tax manoeuvre
MINSK, Jan 22 - PrimePress. The economic benefits of the new oil refining technology to be implemented at Naftan Oil Refinery (Novopolotsk, Vitebsk Oblast) will enable Belarus to compensate for the losses from the tax reform in Russia’s oil industry.
Prime Minister of Belarus Roman Golovchenko made a statement to this effect at a press-conference on Jan 22.
In his words, Belarus’ OAO Naftan oil refinery (Novopolotsk, Vitebsk Oblast) plans to complete the investment project “Construction of Slow Coking Facility” in May 2021, which will enable the refinery to produce a new product - petroleum coke – by the end of the year.
"This is important for us in light of the implementation of the well-known tax manoeuvre ... because by increasing the depth of refining and output of petroleum products - diesel, petrol, gasoil and coke - we are actually economically offsetting the losses from the so-called tax manoeuvre," Golovchenko said.
The construction of a slow coking facility with a capacity of 1.6m tonnes per year is Naftan’s major upgrade project with a total investment of $1.6bn. As a result of the upgrade, Naftan will be able to process up to 12m tonnes of oil per year, the oil conversion ratio will increase to 90%, and the yield of light oil products will be at least 70%. Initially, they had planned to complete construction and installation operations in Nov 2019 and reach the rated capacity by mid-2020. Now the launch has been postponed till 2021.
Russia has been implementing a tax reform in its oil industry, which results in moving the oil price for Belarus towards the global level. Minsk estimated losses at up to U.S. $11 billion in six years, the reform period, and at $400 million in both 2019 and 2020.
Launched in 1963, Naftan is Belarus’ largest refinery and one of the largest in Europe. In 2008 Naftan incorporated another Belarusian refinery Polimir.
Naftan produces euro-4 and euro-5 diesel fuel, petrol and lubricants, which are exported to the EU, the Middle East and the United States. End