Lukoil Says Invested in Bulgaria Refinery USD 1 B

Business » ENERGY | May 25, 2010, Tuesday // 10:57
Bulgaria: Lukoil Says Invested in Bulgaria Refinery USD 1 B

Lukoil, Russia's largest non-state oil producer, announced it has invested USD 1 B into an upgrade in its Bulgarian refinery Lukoil Neftochim Burgas to meet EU requirements.

“The total volume invested is over USD 1 B and half of this sum, about USD 500 M, has been invested in the past two years,” Lukoil President Vagit Aleperov said as cited by local media.

According to him a number of production facilities were built and automated management systems were installed. These and other programs increased refining depth to 76.39%. Light product output grew to 67% and losses were trimmed over 75% to 0.9%.

Earlier this year the Bulgarian refinery of the Russian oil company wrapped up planned maintenance after closing the 2,000-barrels-per-day refinery at the Black Sea port of Burgas for a month of repair works.

Lukoil Neftochim Burgas is a major supplier of liquid fuels, petrochemicals and polymers on the Bulgarian market. The refinery is among the leading suppliers of these products not only on the Balkans but also in Europe and the USA.

Lukoil Bulgaria EOOD, in 1999 became part of the big Lukoil family following the privatization of Lukoil Neftochim Burgas, the biggest refinery on the Balkans.

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