TNK-BP to Increase Investments into the Lisichansk Refinery in Ukraine by 8.5% to USD 27.4 Million
26 Feb 2004
The Russo-British TNK-BP, Moscow, is going to increase investments into the Lisichansk Refinery, or LINOS LLC (former LINOS OJS, town of Lisichansk, Lugansk Region, Ukraine), controlled by it by 8.5% on 2004, to USD 27.4 million in 2004, according to Alexander Gorodetsky, President of TNK Ukraine Trading House LLC, Kiev, on February 24. In his words, construction of the bitumen unit is planned to be finalized in summer. In 2004, the company would be more focused on construction of the gasoline isomerization unit in order to boost output of environment-friendly high-octane fuel. Its designing has already been completed; the equipment has been ordered. TNK-BP's partners within the company were the key advisor on this issue. Isomerization processes are expected to be launched on March 1, 2005; however, Alexander Gorodetskiy did not rule it out that the first products may appear as early as late in this year. In 2004, USD 2 million are to be channeled towards finalizing construction of the bitumen unit, USD 10.8 million, towards the isomerization unit, USD 3.4 million towards environmental programs, USD 6.6 million to replacement of depreciated equipment, and USD 0.6 million to develop the 5-year comprehensive plan for the Lisichansk refinery. Additionally, the company will fund ISO certification at the refinery and implementation of the power-saving program. In 2003, USD 25.26 million was invested into the Lisichank refinery, including USD 10.4 million for the bitumen unit construction, USD 4.36 million for the isomerization unit, and USD 2 million to environmental programs and occupational safety. The refinery has completed installation of Marycat-2 unit for aviation kerosene production; construction of weighs and rails was funded to ensure full and precise performance of obligations under contracts to supply petroleum products; reconstruction of the catalyst cracking unit for production of methyl tret-buthyl ether (MTBE) and high-octane ether components (HOEC). According to A. Gorodetskiy, the refinery suspended construction of the visbreaking unit in 2003.TNK-BP's British experts estimate that this technology has no future. The company will consider the option of implementing a more expensive project to launch the hydro-cracking process or some other alternative method. PRIME TASS
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