LUKOIL (LKOH:MCX) has invested $1 billion into modernizing its Lukoil Neftochim Burgas AD refinery, RIA Novosti reported.
LUKOIL President Vagit Aleperov said the total volume invested was over $1 billion, and that half of this sum, about $500 million, had been invested in the past two years.
Specifically, a number of production facilities were built and automated management systems were installed. These and other programs increased refining depth to 76.39 percent. Light product output grew to 67 percent and unavoidable losses were trimmed over 75 percent to 0.9 percent.
Earlier, LUKOIL had reported that when Bulgaria and Romania joined the European Union in 2007, Lukoil Neftochim Bourgas AD was required to modernize it refinery in order to meet the requirements of EU legislation on oil product quality and environmental protection.
The largest refinery on the Balkan peninsula, the LUKOIL refinery is located near the Black Sea port of Burgas. It has a name plate processing capacity of 10.7 million tons of oil per year.
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