A 1.5 million tons per year oil refining facility will be built in Belarus by 2021

May 14, Minsk /BELTA/. An innovative production facility for processing oil and other hydrocarbon raw materials with a capacity of 1.5 million tons per year will be created by 2021 on the basis of the property complex of the RUP "Novopolotsk Plant of Protein-Vitamin Concentrates". This is stipulated by Decree No. 226 of May 7, 2012, the text of which is published on the National Legal Internet Portal, BELTA correspondent reports. According to the decree, the property complex of the RUP "Novopolotsk Plant of Protein-Vitamin Concentrates" will be transferred to the ownership of a legal entity established with the participation of Novopolotsk LLC "Interservice" in the form of a joint-stock company in 2012. The condition for the gratuitous transfer of the property complex is the conclusion by LLC "Interservice" within three months from the date of state registration of the emergence of ownership rights to the property complex of an investment agreement with the Republic of Belarus represented by the Ministry of Agriculture and Food. The agreement will define the obligations of LLC "Interservice" and the legal entity to ensure the implementation of the investment project by January 1, 2021, which provides for the creation of an innovative production facility for processing oil and other hydrocarbon raw materials with a capacity of 1.5 million tons per year on the basis of the property complex of the Novopolotsk Plant of Protein-Vitamin Concentrates, as well as a terminal for storage and transshipment of hydrocarbon raw materials and petroleum products with a throughput capacity of 1.5 million tons per year. In addition, the document will specify the obligations of LLC "Interservice" and the legal entity to ensure the investment of $270 million by January 1, 2021, for the implementation of the investment project, including the costs of working capital of the legal entity during the construction phase and normative working capital for the start of production. The agreement will also provide for the obligations of LLC "Interservice" and the legal entity to ensure the employment of employees of the RUP "Novopolotsk Plant of Protein-Vitamin Concentrates" and the repayment of the plant's debts, in respect of which the legal entity acts as a successor. Control over the implementation of the decree is entrusted to the Committee of State Control. "Interservice" company is one of the largest Belarusian oil traders. The Novopolotsk Plant of Protein-Vitamin Concentrates was established in 1978 to produce artificial protein feed from hydrocarbon raw materials. Later, the plant reoriented to the production of natural feed additives for animal husbandry. -0-