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Russian Oil Set to Lose Billions in Ship-Fuel Overhaul

  • Up to $3.5 billion of sales may be lost in 2020: Wood & Co.
  • ‘No chance’ for Russia to be fully ready for IMO 2020: IHS
Production Facilities At OAO Gazprom Neft's Refinery
Photographer: Andrey Rudakov/Bloomberg
Updated on

Russia is set to suffer the biggest revenue losses from rules mandating cleaner marine fuels from 2020, because the world’s top exporter of the sulfurous residual oil that powers ships doesn’t look prepared for the change.

Refineries across the world are bracing themselves for the once-in-a-generation shift intended to reduce pollution caused by ships. While plants in Europe and the U.S. Gulf Coast seem well positioned to make the change to low-sulfur output, Russian companies have done little to prepare.