Bulgaria's Lukoil Neftochim Burgas Opens $71 Mln Euro Installation

Bulgarian oil refiner Lukoil Neftochim Burgas, part of Russia's Lukoil, opened a $71 million (62.8 million euro) sulphur recovery unit-4 (SRU-4) on Thursday, the country's economy ministry said.

The investment is the first stage of a larger-scale project, estimated at $1.5 billion, aiming to expand and modernise production at its plant in Bulgaria, the ministry said in a press release.

The company will decommission old production facilities and replace them with modern ones.

The Bulgarian government said in April last year Lukoil intends to invest $1.5 billion in its Lukoil Neftochim Burgas plant under the first stage of a project for the development of a heavy residue processing plant. The next stage of the grand project involves the construction of a second hydrocracking installation.

Lukoil Neftochim Burgas signed with Italian company Tecnimont KT-Kinetics Technologies a deal for the construction of SRU-4 in May 2012.

Source: SeeNews