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Over $2.3bn to finish modernization of Belarusian oil refineries

Economy 18.03.2015 | 15:05
MINSK, 18 March (BelTA) – The Novopolotsk-based oil refinery OAO Naftan needs over $700 million to finish modernization while OAO Mozyr Oil Refinery needs $1.64 billion, the press service of the Belarusian petrochemical concern Belneftekhim told BelTA.

According to the source, in 2015 and later on Belneftekhim will pay close attention to the completion of modernization of the oil refineries that operate in conditions of the tax adjustment of the Russian oil industry. Investment projects aimed at increasing the oil conversion ratio and minimizing the output of dark oil products are being implemented at a faster pace.

According to the press service, the total cost of the projects outlined by development programs of OAO Naftan exceeds $2 billion while the figure reported by the Mozyr-based oil refinery is close to $2.2 billion. The main project of OAO Naftan is the construction of a delayed coking plant. The project is supposed to be finished in December 2016. OAO Mozyr Oil Refinery is expected to commission a complex for the hydrocracking of heavy oil residue by December 2017.

In 2015 Naftan will finish two investment projects: the construction of a plant to make elemental sulfur and the reconstruction of the plant for primary oil processing. Mozyr Oil Refinery will build a combined plant, a plant to make high-octane gasoline components, a plant to make sulfur, and a plant for the adsorption refining of butanoic four-carbon fraction.

Mozyr Oil Refinery was commissioned in 1975 and reincorporated into a public joint-stock company (OAO) in 1994. The share of the State Property Committee of Belarus in the company's charter fund stands at 42.76%, that of OAO NGK Slavneft 42.58%, OOO Mozyr Oil Refinery Plus 12.25%, natural persons 2.41%. The company specializes in oil refining, manufacturing and selling oil products. In 2014 the company processed over 12 million tonnes of oil. For the first time the oil conversion ratio reached 72%, with the output of light oil products at 60%.

The Novopolotsk-based oil refinery was commissioned in 1963. In 2002 the enterprise was reincorporated as a public joint-stock company. In 2008 the large chemical enterprise Polymir was merged with Naftan. OAO Naftan's development program for 2010-2015 provides for increasing the oil processing volume up to 12 million tonnes per year.

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