Exec: Rosneft must invest 200 bln rbl to meet fuel requirements

Russian oil major Rosneft must invest 200 billion rubles by 2012-2014 in order to bring its motor fuel into compliance with higher government emissions standards, the company’s President Sergei Bogdanchikov said Friday at an annual general meeting (AGM) of shareholders. Earlier this year, the Russian government approved switching to the production of gasoline meeting Euro-3 emissions standards starting January 1, 2011, followed by Euro-4 standards starting January 1, 2012, and Euro-5 standards starting January 1, 2015. At present, most cars in Russia use fuel that meets Euro-2 or lower standards. Rosneft will have to build 53 new fuel production units at its refineries as part of an upgrade necessary for producing fuel that meets the higher emissions standards, Bogdanchikov said. (June 19, 2009)