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Russia’s oil output reaches 518 mln tonnes in 2012, exceeding indicator of 1990

May 21, 2013, 14:51 UTC+3

According to the ministry, in 2012 the oil refining had reached the maximum high since the break-up of the Soviet Union

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MOSCOW, May 21 (Itar-Tass) - Russia’s oil production grew to 518 million tonnes in 2012, thus hitting the record high of 1990, the Russian Energy Ministry underlined in its documents drafted by the ministry’s board meeting, which was held in Moscow on Tuesday.

The growth of the country’s oil output was ensured by the commissioning of the Vankor oil field in East Siberia, as well as by the stabilisation of oil production at the traditional fields of West Siberia, ministry’s experts said. The stabilisation of the kind is the result of the ongoing policy aimed at developing hard-to-recover reserves. The oil fields drilling volume increased by nine percent simultaneously with the hike in the output.

According to the ministry, in 2012 the oil refining had reached the maximum high since the break-up of the Soviet Union. In the year under review, the indicator exceeded 270 million tonnes.

In 2011-2013, the sector implemented a set of measures aimed at the upgrading of oil refineries; carried out unification of customs duties of hard and light petroleum products (the 60-66-90 system); imposed differentiation of motor fuel excises depending on the environmentally friendliness; adopted the Customs Union’s new technical regulations, which envisage requirements to the fuel quality standard of no less than Class 30, the documents underlined, adding that the Russian Anti-Monopoly Service (FAS), the Russian Federal Service for Ecological, Technological and Nuclear Supervision (Rostekhnadzor), the Russian Certification and Regulatory Consulting Centre (Rosstandard) and oil companies inked a four-lateral agreement, which ensilages the hike in motor fuel and determines the terms of oil refineries’ modernisation.

The aforesaid steps made it possible to raise the inflow of investments in the upgrading of the oil refining industry. So, the investments in the sector reached 174 billion roubles (USD 1 = RUB 31.18) in 2012, which was 24 percent more than in 2011, the ministry reaffirmed.

The Energy Ministry also stated that a unified procedure for granting privileged oil export duty will be ready before the end of May, which will make it possible to promote projects in East Siberia and in the Far East. The aforesaid projects is expected to bring about 10 trillion roubles of additional budget revenues.

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