LUKOIL STEPS UP MAJOR UPGRADE OF NEFTOHIM REFINERY

Business | July 26, 2001, Thursday // 00:00

Russia`s LukOIL plans to expand production lines and introduce new products as part of a planned major upgrade to its Bulgarian refinery Neftohim. The U.S. company ABB Lummus Global will carry out a study on the modernisation of the refinery with the help of the U.S. Trade and Development Agency, which extended $450,000. The study will provide market research and financial analysis to supplement the technical work required to determine what mix of products is most beneficial. The total cost of the study is $885,000, including a $200,000 contribution by ABB Lummus Global and refinery`s $235,000 own funds. The grant agreement will be signed on Thursday in Sofia. LUKOIL Petrol Bulgaria bought a 58% stake in the refinery, which holds 85% of the domestic market, for $101 M in October 1999 and pledged to invest $408.3 M by 2005 to upgrade it and meet environmental standards.

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