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Tuesday, May 23, 2006

Russia's RussNeft oil company bidding for Israel refinery

MOSCOW, May 22 (RIA Novosti) - RussNeft president said Monday that the Russian oil holding company was bidding for a $380-million oil-refinery in Israel. "We are bidding in the tender to buy a refinery in Israel," Mikhail Gutseriyev said. RussNeft put forward its bid for refinery in February and is now waiting for the tender commission's decision. No deadline has been set for identifying the winner. The oil-refinery, which has an annual production of 5 million metric tons (36.6 million barrels), is near the town of Ashdod in southern Israel. Earlier, the Israeli Finance Ministry said the other bidders were Israel-based Delek Group, Dor Alon Energy in Israel, Ampal-American Israel, Paz Oil and Sonol Israel. RussNeft is a vertically integrated oil holding company, and is among Russia's top ten oil producers. Its recoverable oil reserves exceed 630 million metric tons (4.6 billion barrels).

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