OJSC Naftan

Turning crude oil into fuels and other petroleum products is the kind of work associated with OJSC Naftan, a Belarusian oil refinery based in Novopolotsk. Its industrial role is different from that of a fuel retailer: a refinery processes feedstock into products that can move through the wider energy supply chain. By our assessment, the value of a large refinery lies in that processing capacity and its place in domestic industry, not in a direct consumer-facing brand experience. The trade-off is that refining is a capital-intensive, complex business tied to oil supply, industrial demand, and environmental costs. It is therefore not meaningfully compared with a small energy supplier or a filling station. OJSC Naftan’s defining work happens in refining and petrochemical production, rather than at the point where a driver fills a tank.