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. Last Updated: 07/27/2016

EBRD Mulls Norsi Plan

MOSCOW -- The European Bank for Reconstruction and Development (EBRD) may reconsider lending funds to refining holding Norsi Oil after the government approved its 45 percent stake transfer to Tatneft, EBRD official Andrei Ryjenko said.

Norsi Oil and the EBRD last year signed a memorandum of understanding to upgrade and expand the company's retail network.

However, after the share transfer Tatneft will have a controlling 51 percent stake in Norsi Oil and it has yet to commit a steady flow of crude to the refinery, analysts said.

The refinery, with a nominal processing capacity of 18.5 million metric tons per year, ran a mere 1.4 million tons of oil in the first four months of 1999.