TNK-BP invests 70 million of dollars into the Lisichansky refinery.

TNK-BP intends to invest 70 million of dollars in 2011 into modernization of the Lisichansky - Ukrainian refinery (private joint-stock company "LINIK" of TNK-BP group in Lugansk region) reports the press-service of JSC "TNK-BP Commerce".

TNK-BP has invested more than a billion of dollars into development of their business in Ukraine in 2000-2010 and $ 600 million of which towards the Lisichansky refinery.

The company has completed the modernization of technological equipment for gasoline production of "Euro-4" class.

The plant is ready to produce and answer the high quality standards. The dispatch of a new product will begin within a few days. First planned need is directed towards the network and partners of the company. "The investment budget of the project featuring with the improvement of "LINIK" production quality is about $ 120 million", - says Didier Casimiro the CEO of JSC "TNK-BP Commerce".

According to his words the following measures have been undertaken in order to orient on "Euro-4" gasoline: upgrading of the diesel fuel hydrotreatment with the isomerization, the plant equipment reconstruction, tightening of technological mode settings of the reforming process with the catalytic cracking procedure. According to the top manager, the next step of the enterprise modernization is "Euro 5" standards. To reach this level the upgrading of hydrogen and sulfur production facilities are required. Implementation timeline of these projects will depend on situation of the Ukrainian market and possibility of investment payback. The Lisichansky refinery may master petroleum production process up to the "Euro 5" grade in 2012. TNK-BP is the third largest Russian oil company. BP and AAR (Alfa, Access Renova) own TNK-BP on parity basis. The shareholders of TNK-BP own also about 50% of stake in the Russian oil company "Slavneft".

TNK-BP's contribution in oil extraction makes about 16% in Russia (including TNK-BP share in the "Slavneft" company). Net profit of the TNK-BP's US GAAP standards for 2009 made $ 5 billion, which is 5.7% lower than in 2008, sales revenue fell by 33% and made 34.8 billion dollars.

22 July 2011
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