Angarsk Petrochemical Company plans to invest 95 bln rubles by 2016
IRKUTSK. Dec 5 (Interfax) - Angarsk Petrochemical Company, which is part of Rosneft , plans to spend more than 90 billion rubles on a program to raise product quality until 2016, the company's Acting General Director Igor Kuks said at a session of the Legislative Assembly of the Irkutsk region on Wednesday.
"By the end of this year [for the period 2011-2012], spent investments will total 15.35 billion rubles. In 2015, three projects aimed at raising oil refining depth will be launched," he said.
According to Angarsk Petrochemical Company materials presented at the session, the company plans to boost investments 50% over last year to 9.184 billion rubles this year, 70% over 2012 to 24.41 billion rubles in 2013, no increase over 2013 to 24.376 billion rubles in 2014, and 90% to 46.625 billion rubles in 2015. Therefore, for the entire 2013-2015 period, investments in the program to raise product quality will top 95.4 billion rubles.
Starting next year, Angarsk Petrochemical Company will resort to 9.622 billion rubles of loans. In 2014 it will borrow 11.853 billion rubles, and in 2015 - 32.218 billion rubles.
In the business plan for 2011-2016, oil refining at the plant "is envisaged in a corridor from 9.8 million tonnes to 10 million tonnes" a year, and "net profit expected for 2012 is 5.5 billion rubles, with subsequent growth by year," Kuks said.
Angarsk Petrochemical Company intends to boost net profit 130% over 2011 to 5.557 billion rubles this year, 30% over 2012 to 6.98 billion rubles in 2013, 30% over 2013 to 8.878 billion rubles in 2014, and 8.6% over 2014 to 9.646 billion rubles in 2015, according to the materials.
The refinery's design capacity is 11 million tonnes of oil a year. It annually produces 600,000-700,000 tonnes of straight-run gasoline as material for the pyrolysis unit at the Angarsk Polymer Plant (Angarsk Petrochemical Company's petrochemical block), which churns out a wide range of petrochemical products.
