24 Oct 2011 13:56

Investments in Russian oil refining modernization to reach $20-25 bln in 5 yrs - Shmatko

MOSCOW. Oct 24 (Interfax) - Over the next five years, Russian oil refining will receive investments of $20-25 billion for modernization, Russian Energy Minister Sergei Shmatko said at the International Energy Week in Moscow on Monday.

"In the next five years, $20-25 billion will be invested in oil refining," he said.

In five-six years, Russia will achieve new qualitative indicators in oil refining and will "no longer produce so much fuel oil," Shmatko said.