July 4, 2008

Russia Pledges Support for Small, Medium Oil Firms

ASHGABAT. July 4 (Interfax) - Russia is drafting incentives for small and medium oil companies, including the opportunity to refine oil.

"We're working on giving small and medium oil companies as much incentive as possible and we think they should have the opportunity to get into refining," Russian Energy Minister Sergei Shmatko told reporters in Ashgabat.

The big oil companies own most of Russia's refining capacity, Shmatko said.

He said the incentives "could include quotas, but there's a more radical idea - to build [new] refineries with this in mind."

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