TNK-BP to invest US$1 billion in Ryazan refinery

Anglo-Russian oil venture TNK-BP is planning to invest around US$1 billion in upgrading its 340,000 barrel per day (bpd) Ryazan refinery in Central Russia over the next two years to improve quality and expand capacity, as well as boost light product output, deputy chairman of TNK-BP’s management board Maxim Barsky said. TNK-BP hopes the refinery will be among the first in Russia to produce Euro 4 quality diesel fuel and gasoline, Barsky said. Russian refineries face a deadline to replace Euro 2 and 3 emission standards with Euro 4 by January 1, 2012 and Euro 5 by 2015. In April, however, the Russian Energy Ministry said it was reviewing the deadline and might extend it. (October 21, 2010)