LukOil Neftochim Bourgas, the largest oil refinery in the Balkans, reported a loss of nearly 5 million leva before tax for 2008. The financial results were presented Wednesday at the General Meeting of Shareholders, the company's press office said.

Due to the negative financial result, the General Meeting of Shareholders decided that there would be no distribution of profit or payment of dividends.

The financial report shows that in 2008 the company paid 2,300 million in taxes and social insurance. The company has no liabilities to the Exchequer.

In 2008, LukOil Neftochim Bourgas processed 7.116 million of crude oil. Investments in the refinery in 2008 and 2009 are expected to exceed 500 million US dollars. The investment expenditure planned for 2009 will reach 319 million dollars.

Last year the refinery started the production of petrol and diesel fuel satisfying the Euro 5 standard. The production of new types of oil products - diesel oil 0.1% S and boiler fuel for vessels and aircraft.

By proposal of the Economy and Energy Ministry, the General Meeting relieved Peter Chobanov as member of the Supervisory Boars of the company electing in his place Evgenii Ouzounov, doctor of economics and law, ex-vice governor of the National Bank of Bulgaria (BNB) and ex-finance minister.

Source: BTA