Russia’s simple refineries are not profitable when the oil price is below $50/barrel, and more are expected to close this year and next, Yuri Timofeev, head of refining strategy at Rosneft, said Monday. Speaking at the Platts middle distillates conference in Antwerp, Timofeev said total refining capacity in Russia will go down over the next few years, but that the quality of refined products will improve substantially. March ICE Brent futures were trading below $50/b Monday, near their lowest level in five years, due to growing supplies globally. Timofeev said the new tax maneuver introduced by Russian authorities at the end of last year would make simple refineries — which produce a high share of lower grade products such as fuel oil — far less profitable. Article continues below… Andrew Bonnington, Platts Editorial Director for European and African Oil and Jorge Montepeque, Platts Global […]