Russia's Novak says NORSI refinery repairs to take at least a month -TASS
Reuters
Published Jan 27, 2024 08:12
MOSCOW (Reuters) - Russian Deputy Prime Minister Alexander Novak said on Saturday that repair work on Lukoil's NORSI oil refinery will take at least a month or a month and a half, TASS news agency reported, in another setback for Russia's oil refining industry.
Lukoil said earlier this month that it had halted a unit at Russia's fourth largest refinery, located near the city of Nizhny Novgorod, some 430 km (270 miles) east of Moscow, after an "incident", without elaborating.
The outage sparked concerns about potential gasoline shortages across the country and there have been media reports suggesting that the government was considering imposing an export ban on the fuel, as it did last autumn.
"The company is assessing technical solutions for restoration, assessing the possibility of quickly restoring equipment; this will determine how long it will take. That's at least around 1-1.5 months," Novak was quoted as saying by TASS.
Industry sources have said one of two catalytic crackers remains out of action at the plant, suggesting that repair work could last until the end of March.
They have said there were two incidents affecting the plant's gasoline-producing units in early January. The plant can usually process about 17 million metric tons of oil per year (340,000 barrels per day).
Russian oil and oil refining industry has suffered several incidents this month, including fires, leading to a reduction in refining and export capacity and adding to uncertainty on the global oil market, already rocked by the attacks on shipping in the Red Sea.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.