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. Last Updated: 07/27/2016

Norsi Finances Refinery

MOSCOW () -- Norsi, one of Russia's biggest oil refineries, has agreed with Moscow Narodny bank to borrow $250 million from foreign investors to build a new refining complex, Interfax said Friday.

It quoted company officials as saying Narodny was in negotiations with the World Bank, the European Bank for Reconstruction and Development and other institutions about a loan for Norsi.

The project involves building a high-yield refining complex to process 4 million tons of oil a year -- equivalent to around 80,000 barrels per day -- with both Russian and foreign equipment.