EMEA News
Russia Plans 65% Drop in Fuel Oil Exports
Russia plans to reduce its exports of fuel oil by 65 percent as it increases the proportion of more expensive refined products, Platts reports.
A draft strategy released by the nation's energy ministry calls for fuel oil exports to drop from 57 million metric tonnes (mmt) in 2010 to 20 mmt in 2035, while vehicle fuel exports rise from 44 mmt to 59 mmt.
The plan also calls for oil products at petrochemicals to make up at least 40 percent of the nation's exports in 21 years.
The ministry predicts that 23 percent of Russia's energy exports will be sent to the Asia-Pacific region by 2035.
"The primary task is to speed up entry into Asia-Pacific markets," the ministry said in a statement.
"Energy markets in Europe and the CIS [Commonwealth of Independent States] will remain key markets for Russian energy production, but export volumes after 2015 will fall, and by the end of the period will be 95% of 2010 levels."
Reuters reported in November that upgrades to Russian refineries would drop the amount of heavy fuel oil (HFO) sent to Europe while increasing diesel exports.
