Over $260 million is needed for the revised modernization program of JSC "Naftan"

December 11, Novopolotsk / Diana Kurilo - BELTA /. Over $260 million is needed for the revised modernization program of Naftan OJSC. This was announced today to journalists by the company's General Director Vyacheslav Yakushev, BELTA correspondent reports. The initial modernization project for the enterprise for the period 2005-2010 was revised due to changes in economic conditions in 2007, the General Director explained. The current modernization project is planned to be implemented by 2014. Upon its completion, the depth of oil refining will increase from 73% in 2009 to 93-94% in 2014. The enterprise has already held a tender for the comprehensive supply of equipment for the reconstruction of the primary oil refining unit. However, according to the General Director, Naftan is experiencing a shortage of its own funds for reconstruction. At a working meeting with the Chairman of the Vitebsk Regional Executive Committee Alexander Kosinets, which took place at the enterprise today, Vyacheslav Yakushev announced that a modernization and re-equipment plan for the Polimir plant of Naftan OJSC is being developed. The estimated investment volume is $1.8 billion. The Novopolotsk oil refinery Naftan was commissioned in 1963 and is part of the Belneftekhim concern. The plant specializes in the production of fuel and oil products, manufacturing over 70 types, including oils, gasoline, and diesel fuel meeting Euro-4 and Euro-5 standards. About 70% of the products are supplied to CIS countries, the European Union, the Middle East, and the USA. At the end of 2008, Polimir OJSC was merged with Naftan OJSC, and a petrochemical complex was created. -0-