11:46 22.12.2017

Energy minister backs construction of new oil refinery in Ukraine with help of Iran

2 min read
Energy minister backs construction of new oil refinery in Ukraine with help of Iran

The unstable price situation on the Ukrainian fuel market is linked to dependence of the country on imported goods: the sharp reduction in domestic production and a lack of modern domestic oil refineries, Ukrainian Energy and Coal Industry Minister Ihor Nasalyk has said.

"I'm firmly convinced that our state needs construction of an oil refinery with [light fuel] production efficiency of 94-95% on the basis of public private partnership or financing of the state jointly with investors," he said at a press conference, presenting the results of 2017 in Kyiv on Thursday.

The minister recalled that in 2016, he reached an agreement during his visit to Iran: if the refinery is built, Iran is preparing for participation in financing and providing for the funds with a large discount compared with the parameters seen on the market.

Nasalyk recalled that before 2006, all six oil refineries operated in Ukraine. The share of Ukrainian light fuel on the market was 92% and only 8% of fuel was imported. He said that the changed policy for excise duties and Kurchenko's schemes resulted in the fact that the situation became the opposite: the market share of the only operating oil refinery in Ukraine in Kremenchuk is only 12%.

According to the State Statistics Service, as of December 11, 2017, average price of A-95 petrol reached UAH 28.06 per liter, growing by 20.8% in a year, while average price of diesel fuel grew by 25.7%, to UAH 20.54. Prices continue growing.

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