Lukoil to invest 150 billion rubles for upgrading of oil refinery

Russian oil major Lukoil announced plans to invest 150 billion rubles (US$4.8 billion) for the upgrading of the Lukoil-Nizhegorodnefteorgsintez oil refinery in the Nizhny Novgorod region by 2018, the company’s President Vagit Alekperov said recently. The upgrade will increase the rate of oil processing to 90%, and is expected to provide the market of Central Russia with gasoline and diesel fuel that meet the Euro 5 emission standard. Alekperov said that by 2013, the company’s investments in the plant will increase from 8.6 billion rubles (US$276.9 million) in 2012 to 19.6 billion rubles (US$631.2 million). (October 1, 2012)