OREANDA-NEWS. November 17, 2008. Ryazan Oil Refinery Company, a closed joint-stock company incorporated in TNK-BP, started output of diesel fuel of class Euro-5 with a sulfur content of no more than 10 pm. According to TNK-BP, this fuel meets the latest worldwide ecological standards, reported the press-centre of TNK-BP.

This product was first put out on October 7, and the first lot was supplied to customers on October 16.

A total of 85,000 tons of this new diesel fuel was produced in October 2008, and 144,000 tons will be produced in November.

Implementation of the project for reconstruction and upgrade of production facilities for production of diesel fuel with improved ecological characteristics began a little more than a year ago. Investments into this project amounted to approximately US50 million.

“Ryazan Oil Refinery Company is one of the first oil refineries in Russia and the only company of TNK-BP capable of producing Euro-5 diesel fuel. For European customers, this fuel is a high-quality product complying with all worldwide quality requirements,” says the report of the company.

TNK-BP was established in 2003 by the British company BP and the consortium of Alpha Group and Access/Renova on parity basis. The founders incorporated their Russian and Ukrainian assets into the company, including 96% of TNK, 98% of ONACO, 98% of SIDANCO, 50% of Slavneft, their stakes in RUSIA Petroleum and Rospan, and the network of BP-branded retail sites in Moscow and the Moscow Region.

The production assets of TNK-BP are located mainly in Western Siberia (Khanty-Mansi Autonomous Area, Yamalo-Nenets Autonomous Area, and Tyumen Region), Eastern Siberia (Irkutsk Region), and the Volga-Ural area (Orenburg Region). The main refining assets of the company are located in Ryazan, Saratov, Nizhnevartovsk, and Lisichansk (Ukraine). According to US GAAP, the net profit of TNK-BP in 2007 amounted to US5.3 billion and the total earnings to US 38.7 billion.