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Refinery in Uhta will stop work

March 14, 2015

Tax maneuver government reduced the already low profitability of the enterprise.

"LUKOIL" will stop the Ukhta refinery (capacity - 3.6 million tons) due to its low yield, told Reuters co-owner of oil company Leonid Fedun. The presentation of the financial report of "LUKOIL" for 2014 says that the Ukhta refinery - the simplest of the Russian company's plants and therefore less adapted to the growth of other export duties on oil. The "LUKOIL" three refineries in Russia - Volgograd, Nizhny Novgorod and Perm. In 2014, the processing on all four refineries in Russia amounted to 43.7 million tonnes (minus 0.7 per cent in 2013), "Vedomosti".

Falling oil prices and tax maneuver did Ukhta refinery ineffective, so part of the cost of the plant - $ 114 million - written off, L.Fedun explained on a conference call for investors and said that the plant will run at high oil prices or a shortage in the local market.

In addition to the tax maneuver position Ukhta refinery worsened new international rules for ships operating in 2015, experts believe Thomson Reuters Kortes: fuel sulfur content must not exceed 0.1 per cent, and in Ukhta refinery fuel oil it is 1.5 percent. The Baltic market Ukhta refinery supplied more than half of its products, mainly heavy oil.

The general opinion of experts, one should not expect a serious shortage of gasoline in the domestic market due to stop Ukhta refinery. But to grow demand for the products of the Yaroslavl refinery, the director of business development of the independent agency "Analysis of commodity markets" Michael Turukalov. Gasoline and diesel fuel Ukhta refinery supplied except Komi Leningrad, Volgograd, Arkhangelsk and other nearby areas. In 2014, the plant produced 469,700 tons of gasoline, 1.1 million tons of diesel oil, 1.3 million tons of fuel oil (CDU TEK data leads "Interfax").

When the plant can be stopped, a company spokesman said. Comment on the situation "KomiOnlaynu" the company refused, asking to send a formal request.

Ukhta refinery was commissioned in 1934 and in 1999 became a member of "LUKOIL". Raw gets through the pipeline Usa - Ukhta with fields that develops "daughter" of "Lukoil" - "LUKOIL-Komi" (production in 2014 - 15.3 million tons).