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Russia Oil Majors Revise Refinery Upgrade Plans

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    basil parmesan
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    Oil majors revise refinery upgrade plans

    RBC, 17.10.2011, Moscow 12:09:47.

    Oil majors have revised their refinery upgrade plans as the government tightens control over upgrades. The information system used by authorities to monitor the revamping process should be in place in December. RBC daily asked oil majors about their investment and output plans for the next five to ten years.

    Lukoil plans to invest more than other oil majors, i.e. $20bn, in order to nearly double light petroleum product output to 9.5m tons from the current 5m over the next 10 years.

    Gazprom Neft intends to shell out some $11.2bn to upgrade its oil refining facilities before 2018 in order to ramp up light petroleum product output to over 29m tons by 2020.

    Bashneftt, which currently has the highest percentage of crude conversion into light petroleum products (86%), plans to invest about $1.1bn in upstream operations before 2015 and increase gasoline output to 5.2m tons from 4.7m tons TNK-BP is slated to spend about $2.6bn on refining before 2016. State-controlled oil major Rosneft did not disclose its plans.

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