TNK-BP will invest US$2.9 billion in Ryazan, Saratov refineries

TNK-BP will invest US$2.9 billion in revamping their 340,000 barrel per day (BPD) Ryazan and 130,000 BPD Saratov refineries in Russia. The plants will be upgraded to include isomerization, diesel hydrotreater, hydrocracker and fluid catalytic cracker updates. These improvements will allow the company to move entirely to octane gasoline RON 92 in 2012 and RON 95 by 2015. TNK-BP is likely to close the unprofitable Lisichansk refinery in the Ukraine in 2012, according to TNK-BP Downstream Executive Director Didier Baudrand. TNK-BP is an Anglo-Russian oil venture. (February 22, 2011)