"Orsknefteorgsintez" Plans to Allocate 1.2 bln Rubles to Modernization until End of Year
Orenburg. May, 16. INTERFAX – Orsknefteorgsintez, OAO (Oil and Gas Company RussnNeft subsidiary) plans to allocate 1 bln 279.3 mln rubles to modernization of production until the end of 2007, company report says. It is planned to allocate both own and loan funds to modernization.
Specifically, 517.626 mln rubles will be allocated to proceeding with a major project - Petroleum Products Unloading providing for a petroleum loading platform construction this year. The performance of the program which has been launched in 2006 will be continued in 2007-2008.
Another 73 mln rubles will be allocated to completion of production research laboratory which has also been launched last year.
Furthermore, the company will continue replacing physically worn-out equipment.
Program of Orsknefteorgsintez modernization adopted in 2006 and planned up to 2013 is aimed both at increasing production of high-octane, regular and premium gasoline and at decreasing production of low-octane gasoline.
The report runs that Orsknefteorgsintez plans to increase oil refining by 20% by 2010 – so that it reaches the point of 6 mln tons annually. This year equipment which will allow to increase high-octane gasoline yield will be installed at the plant.