The Russian oil refining industry is in a tough position with investment slowing down and needs support, Russian Minister of Energy Alexander Novak is quoted as saying by RIA Novosti.

“The [oil refining] sector is in a tough spot today. This is related to both changes in macro parameters as well as certain tax implications. We are seeing a slowdown in investment in the industry as well as a decline in margins at oil refineries, both modern ones and those that have not been modernized”, Novak said during a speech at the agency’s summary collegium meeting.

“Failing to solve this problem in the near future could lead to a significant slowdown in modernization and negative economic consequences”, he said.

“In our view, we need to analyse the current situation once again with our colleagues from the Ministry of Economic Development and the Ministry of Finance and development a set of measures to support oil refining”, Novak noted.