LONDON, Feb. 20 -- Latvia's Dinaz said it plans to start construction of the country's first refinery in 2010 so it can reduce product imports.
Dinaz Pres. Nikolay Yermolayev said the €2 billion, 6 million tonne/year refinery would be built near Daugavpils just north of the Belarus-Lithuania border. The greenfield site is 4 km from Druzhba pipeline, which transports Russian oil to Europe.
Yermolayev said the company is conducting a feasibility study for the refinery and will start the environmental process in 2009. Dinaz also is seeking partners in developing the refinery.
Separately, Dinaz also plans to construct a 10 million tonne/year oil terminal in Riga that would increase its trade links and improve domestic fuel trading, Yermolayev said.
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