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7

Lukoil To Upgrade Its Refinery in Romania

Russian oil giant Lukoil's refining unit in Romania has secured a long-term $82 million loan

Russian oil giant Lukoil's refining unit in Romania has secured a long-term $82 million loan from the International Financial Corporation (IFC) to pay for upgrading expenditures in 2003 and 2004, the company said in its press release.


The loan will be paid to Petrotel Lukoil in two tranches. The IFC will provide $35 million from its own funds, and will obtain the remaining $47 million from a syndicate of private banks led by the Dutch bank ING.

"Engaging the IFC as a creditor and a fundraiser will make it possible for Lukoil to obtain 'long' money on competitive terms, something not available on the banking market," the press release said.

Petrotel Lukoil's 2003-2004 upgrading program, through which 18 old facilities were renovated and three new ones constructed, was aimed at improving the refinery's industrial efficiency and environmental safety. As a result, the degree of oil refining was extended by 7 percent points, to 95%, and the emission of pollutants was halved.

Before the end of 2005, the refinery will shift to Euro-3 and Euro-4 production standards, Lukoil's press release said.