Russia wants to boost fuel exports significantly

Russia has invested billions of dollars in modernizing its refineries. The country is now looking to increase fuel exports significantly and take market shares in Europe, reports Reuters.

With a USD 55 billion investment in the country's refineries, Russia now wants to grow its fuel exports and conquer market shares in Europe, writes Reuters, citing company plans and reports.

Russia launched a modernization of the country's refineries back in 2011, introducing a taxation scheme that would make it more favorable to produce cleaner fuel. The work is not yet done, but the efforts have already impacted European refineries. And this year, production from Russian refineries is expected to grow 8 million tons to record volumes of 289 million tons, as seen back in 2014.

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