Russia is planning to invest around 1 trillion rubles ($11.3 billion) to upgrade oil refining units by 2028, Russian state news agency TASS reported Deputy Prime Minister Alexander Novak as saying on Wednesday.
'The plan is to commission and reconstruct 50 refinery processing units for the production of fuel,' Novak told the country's Federation Council, the upper house of parliament.
'We expect investments in the sector to be around 1 trillion rubles by 2028,' he said.
With new capacities commissioned, Novak said the production of gasoline and diesel will rise by 4 million tons and by 30 million tons per year, respectively.
The mechanism of concluding investment agreements on the creation of new and upgraded capacities also applies to producers of petrochemicals, he noted.
'Five investment agreements have already been concluded. Total investments in the petrochemical industry by 2030 are planned at around 3-3.5 trillion rubles ($39 billion),' he said.
Investments in Russia's petrochemical sector are expected to total 800 billion rubles ($9 billion) between 2022 and 2027, Novak said.
By Sibel Morrow
Anadolu Agency
energy@aa.com.tr