Russia banned the import of petroleum products

Russian Prime Minister Mikhail Mishustin signed a decree banning the import of gas, low sulfur diesel fuel, kerosene, marine fuel and gas oil into the country until October 1, Argus Media reports.

The temporary ban on imports is due to the fact that Russian refiners have already faced a decrease in demand for oil products in the country due to the coronavirus. The solution will protect them from competition from suppliers of imported fuel.

The Energy Ministry said that the import ban was designed to “prevent overstocking on the domestic market and the closure of domestic refineries” in the face of declining demand for petroleum products.

“Due to the technological feature of the operation of oil refining complexes, the loading of most technological processes should be at least 50-60% of the installed capacity, otherwise the installation will be decommissioned completely. In conditions of limited demand, uncontrolled import of motor fuel upsets the balance of fuel supply,” the Ministry of Energy said in a statement.

The Ministry of Energy may also send a proposal to the government on July 15 to adjust the duration of the restrictions.

Tags: oil, hydrocarbon production, Top management, energy market, добыча нефти, коронавирус, RF, Oil refinery plant, foreign affairs, import, Putin, stocks, oil products, gasoline, quarantine, pandemia, COVID-19, decline in production, oil companies, oil reserves, crisis

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