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Russia ramps up modernisation of oil-refining sector

10th August 2012

Moscow will discuss ways to upgrade its oil-refining facilities at a high-profile international conference later this year

Russia ramps up modernisation of oil-refining sector
Russian President Vladimir Putin said in 2010 that the country’s oil industry would need some USD 280bn in investment in the next ten years, so as to curb estimates that oil extraction levels in Russia could fall 20 per cent by 2020

High-profile members of Russia’s oil and gas sector will discuss ways to improve the country’s oil-refining facilities, it was announced on Friday, as part of the Kremlin’s longstanding plans to keep oil extraction levels high.

Top officials from oil companies, refineries and equipment manufacturers will discuss the hot topic of upgrading oil-refining facilities in the country at an international annual conference later this year.

Russia is seeking to stay at the top of the oil and gas food chain, as the fast changing global energy market featured over the past years the rise of other competitors such as Brazil in the oil arena and the shale gas revolution helmed by the US.

Russian President Vladimir Putin said in 2010 that the country’s oil industry would need some USD 280bn in investment in the next ten years, so as to curb estimates that oil extraction levels in Russia could fall 20 per cent by 2020.

Several Russian oil and gas pipelines and refineries are reaching the end of their serviceable life, officials and ecologists have said.

Other key topics at the conference will include the medium to long-term investment plans of the companies; the investment program for 2011-2015; as well as federal regulation and control mechanisms.

Traditional speakers include representatives from Gazpromneft, Rosneft, TNK-BP, as well as from the energy ministry of Russia.

The annual international conference, “Modernization of oil and gas refining facilities” (Neftegazopererabotka 2012) will be held September 18 at the Radisson Slavyanskaya Hotel, Moscow.