Obsolete refinery technology prompted Forte Invest to shut down the API Group I base oil plant in Orsk, Russia, in early 2013, but base oil production may resume in the future.
The plant had 3,700 barrels per day Group I capacity.
Russian oil major Russneft sold the petrochemicals complex to Forte Invest in 2011. At the time of the deal, some Moscow analysts valued the Orsk refinery at around U.S. $500 million.
Earlier this year the companys management decided to halt the base oil production in Orsk for an indefinite time because of the plants obsolete technology, Forte Invest told Lube Report. However, an ongoing reconstruction is taking place right now at the refinery and we do not exclude the possibility to resume high quality base oil production in the future.
All current modernization at the Orsk refinery such as building of an isomerization unit and reconstruction of the diesel hydrotreating unit is in the fuel production segment, according to the companys website.
Forte Invest is headquartered in Moscow and also has offices in Zig, Switzerland.