UkrGasEnergo Suspends oil Refining Program

The joint Russian-Ukrainian company UkrGasEnergo suspended its oil refining program, the company's CEO Igor Voronin said, explaining that the company had failed to obtain a resource base against all expectations.

The company therefore will not be refining oil in 2007, and is considering acquisition of gas producers instead, RBC reported.

Voronin added that it was far less expedient for UkrGasEnergo to use oil purchased from other producers as oil prices have long been brought in line with the global market.