Slavneft closes its oil refinery for renovation

Slavneft's investment in the renovation of its oil refining subsidiary Yaroslavnefteorgsintez will reach about RUR1bn (about $32.2m) this year, said Slavneft president Mikhail Gutseriyev at a news conference in Yaroslavl today. The initial investment plan was reduced by $20m due to a slump in oil prices. Last year the oil refinery received RUR1.14bn in investments.

Slavneft vice president Andrey Shtorkh said that the oil refinery had been closed for repair on March 10 for two months. During the renovation at Yaroslavnefteorgsintez, the oil company will purchase oil products from other refineries in order not to let the sales volume drop. Slavneft saved funds for these procurements by closing its oil refinery 10 days later than planned.

Gutseriyev also said that another Slavneft's oil refinery, which is also based in Yaroslavl, had been allocated investments worth over RUR300m (about $9.6m) in 2001.

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