Rosneft to invest 18 billion rubles in lubricant upgrade

Russian oil major Rosneft plans to invest about 18 billion rubles (US$592.07 million) by 2014 to upgrade two lubricant production units, the company said in a statement. Rosneft plans to modernize lubricant production at its Novokuibyshevsk Oils and Additives Plant and at the Angarsk Petrochemical Co. (ANKhK), Rosneft said. The company plans to increase annual production capacity to 800,000 tons of lubricants by 2014 from 490,000 tons currently, it said. (October 20, 2010)