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Russian oil industry set to lose billions in ship-fuel overhaul

The new IMO 2020 sulfur regulations will hit the Russian oil sector the hardest, as the country seems to have done little to prepare for the transition, says analyst.

Photo: Gazprom

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 does not 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 US Gulf Coast seem well positioned to make the change to low-sulfur output, Russian companies have done little to prepare.

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