LUKoil restarts Romanian crude oil refinery Petrotel

Oct 29, 2004 02:00 AM

Russia's oil giant LUKoil has re-started its Romanian Petrotel refinery after it has completed upgrading works.
LUKoil has invested $ 120.7 mm to renew production facilities over the past three years.

Petrotel refining capacity will reach 2.4 mm tpy. In 2005, the Petrotel crude oil refinery will completely shift to production of the white products under the Euro-3 and Euro-4 standards.
Over $ 6 mm were invested in the environmental aspects of renewal program.

LUKoil acquired 51 % stocks of Petrotel for $ 53.2 mm in 1998. At present LUKoil owns 93 % Petrotel.
The company has invested $ 285 mm to promote sales infrastructure of Romania. It operates 257 filling stations and 10 petroleum storage depots.

Source: InvestRomania
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