Odesa Refinery Resumes Work After 2-year Being Idle

Lukoil-owned Odesa Refinery (ONPZ: N/R) announced on Friday that it resumed work after more than two years of repairs. According to Vagit Alikperov, Lukoil’s President, reconstruction of the plant cost more than USD 200 mln. As a result, refining depth increased from 52% to 74%. Lukoil will continue with the second stage of modernization, to increase refining depth to 96% by 2013-2014. This year CapEx is planned at USD 30 mln, and 90 mln for 2009. The plant’s refining capacity is 3 mln mt of crude oil a year.