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August 25 – August 31, 2014

Repairs at Naftan will worsen economic statistics in short term

The situation has not changed
Repairs at Naftan will worsen economic statistics in short term

Naftan oil refinery will undergo a planned overhaul from mid-August to mid-September 2014, i.e. two-thirds of the refinery will stop working.

The refinery last had a major overhaul in September-October 2011. A break in Naftan’s operations will imply reduced oil imports and oil products export, wholesale trade figures will be corrected downwards, the industrial production index in the Vitebsk region may drop below the August 2013 standard, leading to slower growth and GRP dynamics. However, the overhaul will have only short-term effects, and the Vitebsk region will improve its performance by as soon as October 2014.

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