Rosneft to invest $6 billion to meet new standards

Russian oil major Rosneft must invest 200 billion rubles (US$6.29 billion) by 2012-2014 in order to bring its motor fuel into compliance with higher government emissions standards, the company’s President Sergei Bogdanchikov said 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 to upgrade fuel quality at these refineries, Bogdanchikov said. (June 19, 2009)