Processing of oilseeds in Russia will increase by 6% this year - MHSD

Published May 17, 2024

Tridge summary

By the end of this year, Russia's domestic oil refinery capacity is expected to increase by over six percent to 33 million tons, with an additional four million tons projected in the next two years. This growth aligns with President Vladimir Putin's objective to enhance agricultural production and exports by 2030. Mikhail Maltsev, executive director of the Oil and Fat Union of Russia, highlighted that the country's lower consumption of vegetable oils compared to developed nations could facilitate this expansion, given the less developed culture of plant-based food consumption in Russia.
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Original content

By the end of this year, the capacity of domestic oil refineries may increase by more than six percent or up to 33 million tons. As pole.rf reports, this forecast was voiced by the executive director of the Oil and Fat Union of Russia (MOURU) and member of the ROSNG Expert Council Mikhail Maltsev. At the same time, he expects that in the next two years the increase in exact figures could amount to another four million tons. The expert provided such data taking into account both investment projects already being implemented and those announced for implementation to increase oil extraction capacities. He noted that this correlates with the task set by President Vladimir Putin to increase agricultural production by a quarter and its exports by one and a half times by 2030. “While maintaining the dynamics of increasing oilseed production, the oil and fat industry is ready to meet these goals in excess of the basic indicators,” Maltsev said. Another prerequisite for a serious increase ...
Source: Rosng
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