The FINANCIAL -- A turnkey project-implementation contract was signed in Sofia for a heavy-residue hydrocracking complex to be built at the LUKOIL Neftochim Burgas refinery, according to LUKOIL .

The project will be implemented by the Italian branch of Technip. Implementation of the project will allow to increase the output of Euro-5 diesel fuel by 1.2 million tons per year and also to close down the production of high-sulfur fuel oil. The key element of the new complex is a tar hydro cracker with an annual capacity of 2.5 million tons.

Commissioning of the new complex is expected in January 2015.

“The commissioning of the complex will put the LUKOIL refinery in Bulgaria among the more technically sophisticated ones, both in Europe and worldwide,” said Vagit Alekperov, President of OAO LUKOIL .

Related Stories

• OPEC spare capacity in the first quarter of 2012 at lowest level since 2008
• Scion tC Receives Autobytel and AutoPacific 2012 Vehicle Satisfaction Award
• Two new board members in Hydro