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Russia & CIS

The Commonwealth of Independent States (CIS) in this study consists of 12 former Soviet Union republics. Nine countries are official members, while Ukraine and Turkmenistan have not ratified the CIS charter and Georgia ceased its official membership on Aug. 17, 2009.

With the demand for petroleum continuously increasing, conventional CIS supplies will continue to be necessary to fulfill the needs of Europe and, more recently, other regions. However, because of developments in other parts of the world (mainly North America), exports will be declining after 2015.

The CIS has surplus refining capacity, but rationalization is proceeding at a fast pace. Downstream refinery expansion and modernization will continue to allow for the supply of incremental product to the tight European ultra-low sulfur diesel (10 ppm ULSD) market through 2035 ...

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