Page 111 - RusRPTDec23

● Other
Russia IS to Invest 3-3.5 Trillion Rubles in Petrochemical Industry by 2030, Deputy Prime Minister announces on November 22. Deputy Prime Minister of Russia, Alexander Novak, disclosed that the country is set to make substantial investments in the petrochemical industry over the next decade. During a session of the parliament's upper chamber, the Federation Council, Novak outlined the investment plan. He stated, "The combined amount of planned investment in the petrochemical industry stands at around 3-3.5 trillion rubles until 2030." Furthermore, Novak discussed taxation measures implemented to boost the oil industry's efficiency and stimulate the development of hard-to-recover reserves and offshore projects. Notably, more than 45% of oil production has been subjected to the excess profits tax regime, resulting in increased production and investment. The Deputy Prime Minister emphasized key priorities for the industry, including timely resource base replenishment, enhanced oil production efficiency in Western Siberia, and the promotion of hard-to-recover reserves and shelf projects. In addition, Novak highlighted plans to expand the capacity of Russian ports for oil transshipment by 32mn tonnes by 2025. Ports such as Kozmino, Primorsk, Ust-Luga, and Novorossiysk are slated for capacity expansion. Regarding diesel fuel exports, the government may soon fully lift the ban on exports due to market saturation. While a ban on gasoline and diesel fuel exports was implemented in September to stabilize domestic prices, it was partially lifted in October for companies that predominantly sell in Russia. These developments signify Russia's commitment to bolstering its petrochemical industry and ensuring the efficient utilization of its energy resources.
Russian oil company Surgutneftegas is increasing oil supplies to Pakistan, Kommersant business daily reported on November 16. “Russia is expanding oil supplies to Pakistan with the third batch sent this year. The only supplier is Surgutneftegas,” the daily reported.
The conflict between the Russian authorities and Carlsberg over Baltika received an unexpected development: according to media reports, on November 15 searches were carried out at the office of the Russian brewing company, which resulted in the detention of two top managers - the former president of Baltika and his deputy. They are suspected of large-scale fraud related to protecting the interests of Carlsberg. There is no official confirmation of the information yet, and Fontanka’s sources suggest that the case is part of the Russian authorities’ preparation for a trial with the Danish company. Fontanka reported the detention of two top managers of Baltika, who are suspected of acting in the interests of Carlsberg, late on Wednesday evening. According to the publication, St. Petersburg investigators, together with the FSB, conducted a dozen and a half searches in the office of Baltika and its top managers, seized documents, and talked with employees. As a result, two top managers of the brewing company were detained, another one
111 RUSSIA Country Report December 2023 www.intellinews.com