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One of oil companies proposes to energy ministry to direct 30% of production to processing

The ministry’s press service has said that it supports proposals aimed at increasing the efficiency of the domestic fuel market

ST. PETERSBURG, June 5. /TASS/. One of oil companies has proposed to the Russian Energy Ministry to direct 30% of oil produced to refining, an industry source told reporters on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

"We propose that all oil companies send 30% of their oil production to refining," the source said. The proposal has been sent to the Energy Ministry, he added.

The ministry’s press service has said that it supports proposals aimed at increasing the efficiency of the domestic fuel market.

Previously, the Russian government approved a resolution under which the Energy Ministry and the Federal Antimonopoly Service will enter into agreements with oil companies to stabilize and develop the domestic market of petroleum products. The document entered into force upon publication. The agreements will regulate the volumes of supplies to the domestic motor fuel market and retail prices for motor gasoline and diesel fuel, taking into account expected inflation.

The St. Petersburg International Economic Forum is taking place on June 3-6. This year’s theme is "Pragmatic Dialogue: the Path to a Stable Future." The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, and the Ensuring Drug Security Forum. As part of the cultural program, the Petersburg Seasons festival and the traditional SPIEF Sports Games will take place. This year, Russia’s national economic development institution VEB.RF is the title partner of SPIEF.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its official general information partner.

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