Slavneft increases oil refining

Some 11.697m tons of oil were refined at Slavneft refineries in the first seven months of 2003, which was 3.7 percent higher than in the corresponding period of last year, the company's press service reported.

In the period from January to July 2003, the volume of oil refined at Slavneft-Yaroslavnefteorgsintez grew by 0.8 percent to 6.752m tons. The amount of oil refined at the Mozyr refinery advanced by 8.8 percent to 4.85m tons.

As reported earlier, a 74.95-percent state stake in Slavneft was purchased by the Tyumen Oil Company and Sibneft at a tender held on December 18, 2002. The companies paid $1.86bn for this block of shares and agreed to divide purchased assets 50:50. However, a concrete procedure of dividing assets has not been announced so far.

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