To complete its production upgrade program in 2016-2020, Belarus’ Mozyr NPZ (Gomel region) oil refinery will need $1 billion, while Naftan oil refinery (Vitebsk region) is short of $426 million, a source in the profile ministry reported.
Belarusian oil refineries are challenged to keep upgrading their facilities in order to increase their oil conversion ratio and make a maximum use of black oil. Belarusian oil refineries processed 23 million tons of crude oil in 2015, up by 3.2% YoY.
The unfavorable situation on the oil market and cuts to crude oil supplies from Russia make it difficult for Mozyr NPZ to raise $1 billion in order to continue with the upgrade. For this reason, both Mozyr NPZ and Naftan turn to banks credit support. (Prime-TASS/Business World Magazine)