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Russia plans to sharply increase fuel exports and carve out a larger share of the European market
following an extensive $55 billion modernisation of its refineries, companies' plans and analysts' reports show.


   
Russia embarked on a modernisation of its biggest refineries in 2011 following a fuel shortage crisis. It also changed its tax system to favour
production of cleaner and higher-quality fuel. The modernisation, which has not been completed yet, led to a surge in
output of light products and exports, which has hurt European refineries'
margins.

    Russian think tank Vygon Consulting expects Russian primary oil refining volumes to rise by 8 million tonnes this year, matching a record high of 289
million tonnes reached in 2014 thanks to the modernisation and rising oil prices.


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