Naftan remains strategically important enterprise, privatization out of question – Lukashenko
<p> MINSK, Jul 15 - PrimePress. Naftan OJSC (Novopolotsk, Vitebsk Oblast), which produces various types of fuel and petrochemical products, remains a strategically important enterprise and will not be privatized, President of Belarus Alexander Lukashenko said on July 15, 2020 at a meeting with Vitebsk Oblast functionaries, the presidential press office reports. </p> <p> </p> <p> “It is one of the flagships of Belarus’ oil refining. There are many of those who set their eyes on this blue chip today. But this enterprise is strategic for us. This is about national economic security. Therefore, of course, its privatization is out of the question today,” Lukashenko said. </p> <p> </p> <p> He said Belarus had been allocating funds for the continuous modernization of the company to achieve the “maximum oil conversion ratio.” </p> <p> </p> <p> At present, Naftan’s constructs a delayed coking facility, 1.6 million tonnes per year in capacity, which is its major investment project. Investments are estimated at $1.6 billion. The new facility will enable the company to process up to 12 million tonnes of oil per year. The processing depth will increase to 90%. </p> <p> </p> <p> As previously reported, Naftan’s revenues increased in 2019 by 3.2% year on year to Br7.71 billion ($3.186 billion at the rate of the National Bank of Belarus), while net profit decreased by 19.7% to Br3.658 million ($1.511 million). </p> <p> </p> <p> Launched in 1963, Naftan is Belarus’ largest refinery and one of the largest in Europe. In 2008, Naftan incorporated another Belarusian refinery Polimir. 99.83% of the company belongs to the state. Naftan is capable of producing about 400,000 tonnes of diesel fuel per year. Naftan produces euro-4 and euro-5 diesel fuel, petrol and lubricants, which are exported to the EU, the Middle East and the United States. End (Br2.4194/$1) </p>
2020-07-16
Primepress
Naftan remains strategically important enterprise, privatization out of question – Lukashenko
MINSK, Jul 15 - PrimePress. Naftan OJSC (Novopolotsk, Vitebsk Oblast), which produces various types of fuel and petrochemical products, remains a strategically important enterprise and will not be privatized, President of Belarus Alexander Lukashenko said on July 15, 2020 at a meeting with Vitebsk Oblast functionaries, the presidential press office reports.
“It is one of the flagships of Belarus’ oil refining. There are many of those who set their eyes on this blue chip today. But this enterprise is strategic for us. This is about national economic security. Therefore, of course, its privatization is out of the question today,” Lukashenko said.
He said Belarus had been allocating funds for the continuous modernization of the company to achieve the “maximum oil conversion ratio.”
At present, Naftan’s constructs a delayed coking facility, 1.6 million tonnes per year in capacity, which is its major investment project. Investments are estimated at $1.6 billion. The new facility will enable the company to process up to 12 million tonnes of oil per year. The processing depth will increase to 90%.
As previously reported, Naftan’s revenues increased in 2019 by 3.2% year on year to Br7.71 billion ($3.186 billion at the rate of the National Bank of Belarus), while net profit decreased by 19.7% to Br3.658 million ($1.511 million).
Launched in 1963, Naftan is Belarus’ largest refinery and one of the largest in Europe. In 2008, Naftan incorporated another Belarusian refinery Polimir. 99.83% of the company belongs to the state. Naftan is capable of producing about 400,000 tonnes of diesel fuel per year. Naftan produces euro-4 and euro-5 diesel fuel, petrol and lubricants, which are exported to the EU, the Middle East and the United States. End (Br2.4194/$1)