16 Feb 2018 13:06

IPC invested about $3 bln in Khabarovsk Oil Refinery modernization

PETROPAVLOVSK-KAMCHATSKY. Feb 16 (Interfax) - Independent Petroleum Company's (IPC) investments in the modernization of IPC-Khabarovsk Oil Refinery totaled about $3 billion, company CEO Eduard Khudainatov told Interfax.

"We carried out a substantial modernization of the Khabarovsk Oil Refinery and have begun producing Euro 5 class gasoline. A huge amount of funds was invested in the modernization of the refinery - $3 billion in these difficult times. But nonetheless we managed to do this," Khudainatov said.

The modernization of the refinery has enabled IPC to become one of the main suppliers of quality fuel in Russia's Far East.

"Our share of the retail market in the Far East is about 44%. On the wholesale market, we've risen from 20% to 30% in the past two years. This is a huge jump," Khudainatov said.

He said the company is interested in including the Khabarovsk Oil Refinery in the program of priority development areas.

"Measures to support the Khabarovsk Oil Refinery are needed. For example, through the system of priority development areas that is being created now. We are now looking for land in the Khabarovsk area and intend to approach the region's leadership on this issue," Khudainatov said.