KIEV, July 27 - Ukraine’s third-largest oil refinery, KhersonNaftoPererobka, will soon undergo a $1.16 billion modernization program to upgrade its facilities, an official at the local Kherson government said Friday.

The massive modernization plan emerged days after West Oil Group (WOG), a rapidly growing Ukrainian gasoline retailer, apparently acquired a majority interest in the refinery from Russia’s Alliance Oil company.