Ever since war broke out in Eastern Ukraine, the energy industry has been guessing what will happen to Ukraine’s gas transit and its transmission system. In the background, however, Ukraine’s oil sector has remained in tantalizing agony, as only one out of the country’s six refineries is currently functioning (at a 10% utilization rate), most of the products supply taken over by neighboring countries and all this with no end in sight. Almost every refinery was built with some sort of Russian involvement – as an owner, co-investor or crude supplier – yet after 2014, against the background of unprecedented antagonism between Ukraine and Russia, Russian companies have left the country for good. Now the question is: who will step into the vacant spot? So far it seems that no one is willing to. Kremenchug Refinery Nominal capacity: 18 mtpa Current refining status: utilization rate at a mere 10-15% […]