Gazprom Neft to invest in high quality base oil production

Russia’s Gazprom Neft plans to invest about 18 billion rubles (US$578 million) to produce Group II and Group III base oils over the next five years, the General Director of Gazprom Neft Lubricants, Alexander Trukhan, said.
“Over five years we have invested 5 billion rubles in lubricant production, and in the next five years investments will total another 18 billion,” he said.
Gazprom Neft will earmark these investments to produce Group II and Group III base oils at the Omsk Oil Refinery and, together with TNK-BP, at the Yaroslavl Oil Refinery, Trukhan said.
The company is actively developing lubricant production abroad, as well. “We have 3% of the retail market in Italy with the Gazprom Neft and G-Energy brands. We have the majority of the Serbian market through our subsidiary NIS,” he said.