LUKoil to help raise throughput at Bulgaria's Neftokhim refinery

Nov 15, 1999 01:00 AM

Neftokhim, the Bulgarian oil refinery that is now controlled by Russia's LUKoil, has said that plant managers hoped to increase throughput substantially this year.
The refinery currently handles 12,000 metric tons of oil per day on average at present, or about 52% of design capacity. Neftokhim hopes to boost throughput to 18,000 metric tons per day by the end of November.
This will be done with help from LUKoil, which has arranged to send more oil from Russia to the plant. The statement said that seven tankers were expected to load up with Russian crude in Novorossiysk and Odessa for shipment to the Black Sea port of Burgas this month. The oil will then be delivered to the refinery, which is also located in Burgas.
Neftokhim is also negotiating for additional oil supplies, the statement said, without divulging any further information.
LUKoil Petrol Bulgaria, a subsidiary of LUKoil, was chosen the winner of a tender for a majority stake in Neftokhim earlier this year and completed its purchase on October 5. The Russian company paid $ 101 million for the 58% stake and has promised to service the $ 548 million in debts owed by the refinery to creditors, suppliers and the Bulgarian government.

Source: NewsBase
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