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. Last Updated: 07/27/2016

TNK-BP Upgrades To Up Fuel Quality

TNK-BP said Tuesday that it planned to double investment in refineries this year to improve the quality of its fuel.

TNK-BP spent $140 million on refineries in 2007, the company said in statement on its web site. It plans to refine a total of 34.5 million tons (690,000 barrels per day) this year, including output from its Ukraine plant.

"We are gradually reducing production of fuel oil through investment projects such as visbreaking and maximizing bitumen production," the company said.

TNK-BP plans to invest $1 billion in refinery upgrades and $500 million in expanding retail operations during the next five years. It expects operating availability of refineries to rise to 94 percent this year, compared with 92 percent last year.

"We are driving toward international benchmark levels of 95 to 96 percent in the next two years," it said. TNK-BP will cut production at its Ryazan refinery in August and September and at Linos oil refinery, Ukraine's largest, in September and October for maintenance.