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Hyundai Marubeni of Japan to finance modernization of the Pavlodar-based oil refinery

14 march 2012, 14:03
0
Oil refinery. RIA Novosti©
Oil refinery. RIA Novosti©
Hyundai Marubeni of Japan will finance overhaul of the Pavlodar-based oil refinery, KazTag Agency reported March 11.

According to Shukhrat Danbai, Director General of the refinery, “the design estimate will be completed by the end of 2012. The actual construction is to start in 2013 and complete by the Q4 2015”.

“The overhaul project is currently lagging behind the schedule. However, Hyundai Marubeni will order some equipment out of its own resources, which will enable to reduce the overall project time by 11 months (…) All in all, we will meet the initial deadline to be able to produce gasoline in line with the Euro-5 emission standards by 2016”, Mr. Danbai said.

He reminded that the oil refinery had taken an obligation to be able to process a total of 5 million tons of crude a year in 2012. According to the projected design, the Pavlodar refinery is capable of producing 7.5 million tons of oil a year. The facility was constructed in 1978 and is currently owned by Refinary Company RT (KazMunaiGas subsidiary) (58%) and Samruk-Kazyna Sovereign Wealth Fund (42%). Danbai had reported earlier that the refinery planned to reach 4.5 million tons of processed oil in 2011.

According to the feasibility study carried out by Eni of Italy, investments into the project are estimated at $1.69 billion.

Oil and Gas Minister Sauat Mynbayev had said earlier that, “overhaul of the three refineries before 2015 [based in Pavlodar, Shymkent and Atyrau] will enable to raise processing to 17.5 million tons, introducing deeper conversion to start producing petrol in line with Euro-5 emission standards”. As of today the refineries process a bit over 13 million tons a year.

February 29 Kazakhstan’s PM Karim Massimov said that he didn’t rule out constructing a fourth oil refinery in Kazakhstan given Kazakhstan’s participation in the promising Kashagan project.

“Kashagan is a major project for Kazakhstan. It’s not only about the nation’s participation in the project, but also about new oil (…) We may get back to the question of constructing a fourth oil refinery in Kazakhstan to accommodate Kashagan oil so that we could be 100% sure that we are independent in terms of fuel supplies(…)”, Mr. Massimov said when speaking before the national Majilis (lower chamber) February 29.

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