Russian Oil Refineries Risk Closure Amid Mounting Losses – ReutersAt least three Russian oil refineries could face closures next year as declining exports, high crude oil costs and soaring interest rates lead to mounting financial losses, Reuters
reported Friday, citing anonymous sources familiar with the matter.
The Tuapse refinery, a large but “relatively unsophisticated” facility owned by the state-backed oil giant Rosneft, has reportedly halted production multiple times this year. Smaller independent refineries, Ilsky in Krasnodar and Novoshakhtinsky in Rostov, have been operating at half capacity for months due to weak profit margins.
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