Ukrainian Journal reported that Naftogaz Ukrayiny plans to refine up to one million tons of Russian Urals crude oil at Lysychansk oil refinery in 2011.

According to a report of the state holding on the application of a procedure for purchasing from one bidder posted on the Web site of the Economic Development and Trade Ministry, the company refining plans are linked to the need to stabilize the price situation of the crude oil supply market in the country.

The document said that Naftogaz Ukrayiny sent a proposal to all operating Ukrainian oil refineries in late December 2010 to consider taking delivery Russian crude oil by pipeline and refining up to one million tonnes of crude in 2011 but that only Lysychansk oil refinery agreed to refine crude.

(Sourced from Ukrainian Journal)