Slovnaft is investing €200m to wean off Russian crude oil
Oil refinery Slovnaft has already started a €200m investment thanks to which it will use 40% of Russian and 60% of non-Russian crude oil (mainly from ex-USSR countries) to make fuels from January 2024. This is in line with EU sanctions that will allow Russian oil only for the production of fuel for the Slovak market. However, it will reach the current levels of efficiency and profitability in fuel production only in 2026-27. The investment will make it more flexible and eventually able to cope without Russian oil supplies. It will not receive any subsidies from Slovakia or the EU for the investment. This year, it expects a higher net profit than last year's €253m. This year, it increased salaries by 14% via profit sharing and basic wage adjustment.
