Bashneft has announced plans to invest 35 billion rubles over five years in oil refining and petrochemicals. Bashneft plans to invest about 19 billion rubles in raising product yield from crude and production of light oil products; 9.7 billion rubles in improving the quality of motor fuel to meet the Euro 5 standard; and 6.4 billion rubles in production development and “reduction of costs and fuel consumption.”
The largest amount of investment – 16.2 billion rubles – will go into the Novoil oil refinery in Novoufimsk; 9.5 billion rubles is earmarked for the modernization of the Ufa Oil Refinery; and 1.7 billion rubles will be invested in Ufaneftekhim.
