A modernization project has to be timely and has to keep the future in mind in order to get maximum benefits from the investment. The statement was made by Prime Minister of Belarus Andrei Kobyakov on 30 January after he was made familiar with the routine operation of OAO Mozyr Oil Refinery and the progress in implementing the company's retooling projects.

According to the Prime Minister, the fact that the company tries to stay on the schedule it has chosen deserves respect. It is particularly pleasant that the projects implemented in the current five-year term have been very useful for staying competitive on foreign markets, Andrei Kobyakov noted.

The Ukrainian market is one of the most promising ones for the company at present. The fact owes a lot to the company's timely modernization. Mozyr Oil Refinery accounts for about 40% of the oil products Ukraine imports now.

Timely modernization is crucial, stressed the head of government. “We have already visited a woodworking enterprise in Mozyr today. Speaking about our entire woodworking industry, I can say that we are a bit late with modernizing it,” said Andrei Kobyakov. In his opinion, the modernization had to have been completed five years ago. If it had been done, the market situation would be totally different. Nevertheless, there are prospects for the woodworking enterprises that belong to the Bellesbumprom concern. Some of the enterprises completed projects last year and some have done so this year. There are areas to reach and make money from but timely modernization is crucial, concluded the Prime Minister.

OAO Mozyr Oil Refinery has invested over $800 million in modernization over the last five years and has implemented about ten major projects. Thanks to that all the products are now compliant with Euro 5 standards. Mozyr Oil Refinery is busy implementing some other projects. The largest one is the construction of a plant to make high-octane gasoline components and a facility for the hydrocracking of black oil fuel. Once these projects are completed, the crude oil upgrading index will reach 89%, with the share of fuel oil in the total output down from 28% to 7%. Theseprojectsarescheduledforcompletionbylate 2017.