EU&Russia: EU fears of Russia oil refineries overtaking

27. May 2014. / SEE Energy News

In EU are afraid of Russian strategy.The European Commission fears that the European refining industry becomes vulnerable to political interference. Russian strategy of buying refineries in the European Union could threaten the EU’s energy security, according to a draft report prepared for the leaders of the EU countries.

The European refining sector has been weakened by high oil prices, demand falling and reduced profit margins, what has forced many companies to sell its refineries, which Russian companies are buying now.
Russian Lukoil owns refineries in Italy, Netherlands, Bulgaria and Romania, while Gazprom also owns oil refineries in the EU through his company Gazprom Neft.
In a report prepared for the EU state leaders meeting which will be held in June, writes that so far there is no immediate danger of a lack of crude oil because Russia still lacks refining capacity therefore depends on European refineries, but the European Commission clearly believes that soon will come up with the growing influence of Russian producers of oil refineries, which could be used in future cases.
“In the combination of Europe’s dependence on Russian raw oil and the growing influence of Russian oil players, refinery industry is vulnerable to political influence”, writes in the report.

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