ÒNK-ÂÐ invests $45 million in installation of viscosity breaking plant at Lisichansk NPZ in Ukraine
07 Oct 2003
Refining of oil at Lisichansk NPZ will become more intense in result of implementing an investment project for introduction of a viscosity breaking plant with costs $45 million that was adopted by Chernomorsk bank for trade and development (CHBTR). This was reported on October 3 by TNK-BP Vice-President Ivan Menshikov who took part in the First International Conference of CHBTR for investments in Odessa. He said it is planned to invest in introduction of viscosity breaking technology $15 million from the company own account, out of which $1.35 million have already been used. Another $15 million are expected from CHBTR on LIBOR + 2-3% annual interest terms, and approximately the same sum from commercial banks mediating on this credit in Italy, Greece, etc. The project term of implementation - 2 years, payback on credits - 5 years. According to the project developed by ABB (USA), viscosity breaking - dilution of bitumen with diesel fuel up to black oil quintessence - will allow to boost production of high-octane gasolines by 6%, gas-oil - by 15%, annual production of oil products - up to 7-7.2 million t. Norm of the company domestic profit will grow by 28-30%. According to the program of reconstruction of Lisichansk NPZ for 2001-05, noted Ivan Menshikov, we have already started production of Ai-98 gasoline, winter diesel fuel and ecologically pure straw oil with serum content 0.05%, TC-1 jet fuel, use technology of utilizing oil-slime for production of serum. Year 2001 investments for these purposes were $10.04 million, year 2002 ã. - $6.81 million, first six months of 2003 - $18 million, and in total it is planned to use $23.77 million till the end of this year, and in 2004 - $27.42 million. It is planned, in particular, to start modernization of catalytic cracking plant, production of new ecologically pure types of gasoline, develop information and communication systems, acquire certificate ISO-9001 for management quality at the head and affiliate companies. For export of products with low serum content to the markets of Central and Western Europe, OJSC Lisichansknefteorgsintez plans in 2005-06 to master processes of alkenylation, hydrocracking, etc., which will require several hundred million dollars of investments.
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