Rosneft oil co. to invest $350m in upgrading Far East refinery

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KOMSOMOLSK ON AMUR, June 26 (RIA Novosti) - Rosneft is planning to invest $350 million in the second stage of the modernization of the Komsomolsk oil refinery by 2010, the plant's general director said Monday.

The Komsomolsk refinery is the largest refinery in Russia's Far East and exports to the energy-hungry Asia Pacific region, which Russia regards as a highly promising trade target.

"We are planning to invest about $350 million in Stage 2 of the refinery's modernization program by 2010," Valery Yezhov said, adding that development of a high-level processing project should be completed by the end of this year.

He said the modernization program would move the refinery toward production of gasoline and diesel, whereas the share of heavy fuel oil would fall considerably.

The company is also planning to switch to production of Euro-3 and Euro-4 gasoline, a program that comes with a $17 mln price tag.

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