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Rosneft to spend $2 bln building oil refinery on Black Sea

Rosneft, Russia's second-largest oil producer, plans to spend $2 billion building a new oil refinery alongside its Tuapse facility on the Black Sea, Vice President Alexander Sapronov said today.

The new plant will be able to process 12 million tons of crude a year (240,000 barrels a day) when it's completed in three to four years, Sapranov told reporters in Moscow today.

State-run OAO Rosneft is taking bids for building the refinery and will announce the winner in July. Toyo Engineering Corp., Chiyoda Corp., Poon Lim Industrial, Lurgi AG and Technip, Snamprogetty, Foster Wheeler, Parsons Corp ABB Lummus Global and Bechtel Corp. are among the companies invited to make offers by January 31. (Bloomberg)