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TNK-BP considers sale or closure of Ukraine oil refinery

April 12/2012

(refiningandpetrochemicals) -- Russian oil company TNK-BP Holding, the joint venture between BP and a group of Russian oil investors, is considering mothballing or selling its oil refinery in the Ukraine.

The company said it will undertake a radical restructuring of its operations in the country due to losses at Lisichansk Refinery, known as Linik. TNK-BP Ukraine reported a loss of USD68m in 2010 and USD23m in 2011.

The move will see Linik singled out as a separate business with TNK-BP concentrating on its marketing and retail operations in the country.Production at Linik was halted in March for repairs for an indefinite period of time.

Linik has refined nearly 25% of Ukrainian supplies in 2009 which were down to 13% in 2011 because of cheaper imports from Belarus. The reorganized business structure is expected to be approved by this May and be effective from July.

Author:Anna Larionova
Category:General News
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