Company news in July 2004 | |||
LiNOS to Launch the $20 Million Isomerization Plant by April 2005
LiNOS (Lisichansk refinery, makes part of TNK-BP) OJSC is going to commission a $ 20 million isomerization plant by April 1, 2005, informed Mr. Antony Considine, TNK-BP's Vice President, at a news conference at Lisichansk, after launching of the $15 million bitumen plant. In his words, TNK-BP will annually invest some $20-$25 million into LiNOS. In 4Q 2004, development of a 5-year master plan for the enterprise's upgrading will be finalized. As reported earlier, TNK-BP plans to invest $27.4 million into development of LiNOS OJSC in 2004. The key investment projects implemented at the plant this year are finalization of the bitumen plant construction (funding of $2 million), isomerization plant construction ($10.8 million), replacement of depreciated equipment ($6.6 million), and environmental programs ($3.4 million). In addition, $0.6 million will be channeled towards development of a five-year comprehensive development plan for LiNOS. Taking into account that the lines and details of the refinery's technological development will be determined in that plan, work involving tar visbreaking plant construction, worth of the total of $ 43.6 million, has been suspended until the plan has been finalized. In 2003, $25.26 million was put up into LiNOS' technical re-equipment, in particular, $10.4 million was allocated to the bitumen plant construction and $ 4.36 million to the isomerization plant construction. LiNOS operates refining capacities of the Lisichansk refinery but does not own them. LiNIK CJSC making part of the group of companies of TNK-BP international holding owns the assets.
Source: INTERFAX