Russia Eyes Financial Support for Oil Refineries

Russia considers new financial and tax support for oil refineries, discussing measures at the petroleum market task force meeting. The agenda includes insurance mechanisms and additional tax incentives to aid refineries.

Russia is set to evaluate the introduction of new financial and tax support strategies aimed at bolstering its oil refineries. The decision comes as part of a scheduled meeting of the task force overseeing the petroleum products market, according to TASS news agency reports.

The task force, slated to convene on October 22, will deliberate over a variety of supportive measures, which notably includes insurance mechanisms designed to enhance the existing framework. Additional tax incentives are also on the agenda, aimed at encouraging the growth and stability of the refinery sector.

These discussions highlight Russia's persistent efforts to fortify its oil industry amid fluctuating market conditions and global economic pressures.

(With inputs from agencies.)