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LUKOIL against domestic supply quotas

March 20, 2014, 11:54 UTC+3 MOSCOW
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MOSCOW, March 20. /ITAR-TASS/. Russia’s major private oil company LUKOIL opposes quotas on fuel supplies to the domestic market, LUKOIL’s CEO Vagit Alekperov told journalists.

He said he was negative about the plans since “we are working in the market after all”.

Deputy Minister of Energy Kirill Molodtsov earlier said the ministry and oil companies should sign an agreement about compulsory stocks of petroleum products for this year by the end of the week. Some have already signed the deal, he said. These would be similar to the current stocks and take into account possible consumption growth.

Last summer the ministry instructed Russian oil companies to boost their gasoline reserves from 1.25 million tons to 1.7 million tons as large volumes of petroleum products were reoriented for export. The ministry also recommended that companies to export only the remaining and give priority to the domestic market.

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