Gazprom Neft to boost refinery capacity

Russia’s Gazprom Neft said it invest 171 billion rubles (US$6.1 billion) to boost refinery capacity.  Anatoly Cherner, Gazprom’s deputy CEO for logistics, said the investment will be used to increase product yields and volumes by 2020, as well as to shift production to Euro-5 compliant fuels by 2015. Out of the total investment, the company will invest more than 70 billion rubles (US$2.5 billion) to rebuild existing capacity and launch new production units. Gazprom Neft is Russia’s fifth largest oil producer and refiner. (June 24, 2011)