MOSCOW (MRC) -- Lukoil said it plans to invest more than USD60 million over the next three years in its 320,000 barrel-per-day ISAB refinery in Augusta, Italy, on the island of Sicily, according to Hydrocarbonprocessing.
Vadim Vorobyov, Lukoil’s First Deputy CEO, told reporters at a news conference that the investments.
He said ISAB will move to produce high-quality diesel of Euro V grade after the modernization.
Vorobyov also said that Lukoil had no plans to sell ISAB for now.
Reuters has reported in 2017 that Lukoil was looking to sell the ISAB refinery as part of a review of its overseas operations.
As MRC reported before, in October 2018, McDermott International, Inc. announced it had been awarded a significant contract by LUKOIL NizhegorodNefteorgSyntez, a subsidiary of JSC LUKOIL, for the engineering, procurement and construction (EPC) of the Delayed Coker Unit for the Deep Conversion Complex planned to be built in Kstovo, Russia.
Lukoil is one of the leading vertically integrated oil company in Russia. The main activities of the company include operations for exploration and production of oil and gas, production and sale of petroleum products. Lukoil is the second largest private oil Company worldwide by proven hydrocarbon reserves. In Lukoil structure includes one of the largest Russian petrochemical plant - Stavrolen.
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