Naftan launches $1.4bn development program

MINSK, 16 November (BelTA) – Naftan has launched the development program for 2010-2015. Its total cost is $1.396 million Alexei Vegera, deputy engineering manager of Naftan, said at an international oil refining conference in Minsk. Alexei Vegera said that the program consists of 26 investment projects, which can be divided into five blocks. The goal of the program is to increase the oil processing depth from 73% to 90% and the volume of oil refining output to 12 million tonnes a year. The program envisages the construction of a new advance cracking complex and upgrading of the existing facilities. The program also includes investment projects that are aimed at improving quality of oil products, upgrading power supply system and the company’s premises. According to Alexei Vegera, the main project of the program will be the construction of a new advanced oil processing complex with a capacity of 1.6 million tonnes per year. The total cost of the project is $337 million. The complex is expected to be put into operation in December 2013. Alexei Vegera said that Naftan’s development program for 2010-2015 is the third stage of the company’s upgrading. The total cost of the previous investment program was $261 million.

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