Russia is looking for an increasing share of the fuel markets in Europe
In 2018, Russia plans to increase its production of 8 million tons of fuel and thus jump over the record 289 million tonnes recorded in 2014, Reuters reports, citing oil company analyzes and plans. Some of the fuels produced in Russian refineries are exported to Europe, and Russian companies can affect the profits of European rivals, adds the agency.
Every day Russia exports 650,000 ULSD barrels, according to analysts’ data. In Europe, about half of the cars have a diesel engine and the refineries are unable to provide the fuel they need. That’s why we import 850,000 barrels per day.
Diesel, however, may soon not enjoy such a broad demand against the backdrop of the expected bans on cars with such engines in Germany in the coming years, because this fuel is polluting the environment more than gasoline. Currently, gasoline sales are on the rise, but diesel engines have not yet been thrown out of Europe.
That’s why JBC Energy does not expect this to disrupt Russia’s plans to conquer the fuel market. Moreover, Russian companies also have plans to increase the export of gasoline fuels. According to Reuters, new units for catalytic hydrocracking will be built in their refineries.