Ukraine will build oil refinery on border

Apr 27, 2005 02:00 AM

Ukraine will build a major oil refinery on its western border and connect it to a pipeline bringing Caspian Sea oil to Europe, a project that should increase revenues for the cash-strapped ex-Soviet republic, the country's prime minister said.
Yulia Tymoshenko told a Cabinet session that President Viktor Yushchenko had approved the plans. Refined petroleum products will then be sold to European markets, giving Ukraine the potential for higher revenues than if it was transporting only raw oil and gas.
"The construction of an oil refinery in Brody is a priority for the government," Tymoshenko said.

Ukraine built the 667 km (413-mile) pipeline linking the Black Sea port of Odessa with Brody in 2001 but it has remained largely idle amid bickering over whether to accept oil from Russia or from other Caspian Sea countries.
Ukraine is a major transit point for oil flowing into Europe, but most of its business comes from Russia, which also supplies the majority of Ukraine's own energy resources.

Tymoshenko's government this year invited Kazakhstan and Azerbaijan to ship their oil westward to Europe, instead of pumping Russian crude in the opposite direction. The Odessa-Brody pipeline will eventually be extended through Poland.
During the meeting, Yushchenko said he wants to show in the next three years that "Ukrainian authorities have the levers and tools to make it possible to create and control energy supplies."

Source: Forbes
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