Russia's Lukoil, owner of Neftochim Burgas refinery in Bulgaria, is considering the construction of a petrochemical complex at the site of the refinery, Russian media quoted Vagit Alekperov, president of the company, as saying.
"There [in Bulgaria] we are making a small petrochemical complex for propylene and straight-run gasoline. It will be an upgrade to the old production unit," Russian news agency RBC quoted Alekperov as saying following a meeting of Bulgarian prime minister Boyko Borissov with Russia's president Vladimir Putin in Moscow on Wednesday, which the Lukoil president attended.
According to the media report, Lukoil plans to build high-tech capacity for production of at least 150,000 tonnes of polypropylene per year, with the terms and amounts of financing still being discussed.
The cost of the project is estimated at 1 billion euro ($1.2 billion) and construction is expected to be completed in three years, RBC quoted Gazprombank analyst Evgenia Dyshlyuk as saying.