The oil arm of Russia’s energy giant, Gazprom Neft, has approved a medium term investment program to upgrade its Moscow oil refinery. It will allocate more than RUR20bn ($681.4mn, or (EURO)510.6mn) for the project in 2012.

The program is aimed at upgrading the plant’s production facilities to improve the quality of oil products, increase the depth of refining, and enhance its environmental and production efficiency.

The document mandates completing the refinery’s mechanical treatment units in 2012, which should reduce air pollution emissions and improve the quality of liquid industrial waste processing. The plant also has plans to complete the upgrading of the bitumen unit and the chemical water treatment installation.

The Moscow oil refinery was integrated into the Gazprom Neft group of companies in 2011. Its designed capacity equals to 12.15mn metric tons per year.