TNK-BP to Invest More in Ukrainian Refining
09 Jul 2009
TNK-BP announced today that it has successfully closed a transaction that brings its effective shareholding in the Lisichansk Refinery close to 100%. The transaction was endorsed by TNK-BP Limited (BVI) Board of Directors in June 2009. The details of the transaction are subject to a confidentiality agreement.
Going forward, the company is interested in further modernization of its Ukrainian refining assets, aiming to increase refining efficiency and enable the company to meet Ukraine’s market demand for high quality motor fuels. In addition, the company plans to continue its work to further improve environmental standards, industrial safety and labor conditions for its staff in Ukraine.
"Ukraine is one of key operating regions for TNK-BP," said Mikhail Fridman, interim TNK-BP CEO, "by investing more in refining, we make an important step towards growth of our Ukrainian business."
Note for editors:
CJSC LINIK is TNK-BP's flagship refinery in Ukraine. The facility is the country's youngest refinery. At present, it is capable of processing about 8 million tons of crude feedstock a year, supplying quality products to the Ukrainian and export markets. In 2007, Lisichansk Refinery was the first in Ukraine to launch manufacturing of Euro-4 compliant diesel with a sulfur content of 50ppm. Furthermore, Lisichansk Refinery is Ukraine's only producer of polypropylene.
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