1. The Chairman of New Stream Board of Directors Dmitry Mazurov addressed the Russian Energy Week Forum

The Chairman of New Stream Board of Directors Dmitry Mazurov addressed the Russian Energy Week Forum

4 October 2018

The Chairman of JSC New Stream Board of Directors (CBD) the member of the Board of the Russian Union of Industrialists and Entrepreneurs Dmitry Mazurov took part in the International Forum "Russian Energy Week 2018." D. Mazurov spoke at the panel session "Completion of Tax Manoeuvre in the Oil Refining Industry."

When analyzing the current economic realities, the CBD of New Stream noted that currently, the main influence on the oil refining industry in Russia is exerted by volatility, rise in oil prices and contractionary fiscal policy of the state. In particular, Dmitry Mazurov emphasized that the model proposed by the Ministry of Finance of the Russian Federation at the stage of completion of the tax maneuver, in which oil refiners will receive a profit of two thousand rubles per ton of refined raw materials, will not allow anything other than paying interest on loans for expensive investment projects, as well as will lead to the fact that the possibility of return on these investments will exist only in the long term. Meanwhile, Dmitry Mazurov added that the calculation formula proposed by the Ministry can be considered as significant progress achieved in the course of regular discussions of the parameters of the tax maneuver in the Government of Russia.

According to D. Mazurov, it is logical for the Government to support those oil refiners who actively invest in the enterprise development, and therefore in the country's economy. “Current realities are such that today it is almost impossible to found a large industrial enterprise from scratch, and many functioning plants will try to avoid expensive investments in modernization due to low return on such investments. Despite the low profitability, we continue to implement large projects, as we are confident that modern enterprises with high and quality refining level can and must remain in the market", said the Chairman of the Board of Directors of New Stream.

At the end of his speech, Dmitry Mazurov noted that as a result of the tax manoeuvre, the Government managed to solve one of the most important tasks - to free the market from unfair participants who filled it with counterfeit and low-quality products. "As a result of the tax manoeuvre, dishonest companies producing counterfeit goods and undercutting prices disappeared from the market. Now it is necessary to pay attention to further development of the industry, in particular, independent refining and petrochemistry", said Dmitry Mazurov.

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