Work is expected to start in June of this year on a long delayed Sino-Russian partnership refinery. Total investments of US$ 5.8 million have been accumulated for the facility which was originally due for completion in 2012. Rosneft will own 49% of the facility and CNPC the remaining 51%.
It has been announced that Egypt is looking to spend US$ 1.5 billion on revamping its refining facilities over the next two years. The aim of this investment is to increase the country’s refined product output by 6 million tpy. Currently, Egypt has an output of 25 million tpy but due to outdated and outmoded facilities, a higher level cannot be achieved.
It has been announced that two serious bids have been placed for the Petroplus Holding AG Petit Couronne refinery in Normandy. Five bids have been received in total. The two financed bids have been placed by Terrae of Switzerland and Arabitta Lel Istithmaraat of Egypt.
The Bengal government has decided to exit from Haldia Petrochemicals Ltd. A valuation, auction and exit will be completed by 30th June.
Towards the end of January, ONGC’s Tatipaka refinery started exporting naphtha. The first tanker released from the mini refinery shipped 100 t of refined product.
Adapted from various sources by Claira Lloyd.
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