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Light Cycle Oil (LCO) is a by-product obtained during the distillation of crude oil in oil refineries. LCO is a dark liquid containing hydrocarbon components, sulfur and nitrogen. LCO can be used as a fuel in the energy sector or used as a raw material in the manufacture of petroleum products. The quality of LCO depends on properties such as the amount of sulfur and nitrogen in its content. LCO's lower sulfur and nitrogen content is considered a higher quality product. LCO is also used in the manufacture of heavy fuel oil, fuel additives, asphalt and other petroleum products. LCO is mainly exported to the Asia Pacific region. LCO, obtained from oil refineries in Russia, Central Asia and Siberia, occupies an important place in the petroleum products market.

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