Late April downstream news: Asia and the Middle East

China

Kitimat Clean Ltd.

The Industrial and Commercial Bank of China (ICBC) has agreed to invest in a new US$ 25 billion refinery on the British Columbia coast, planned by newspaper magnate David Black.

A memorandum of understanding has been signed between the refinery project, Kitimat Clean Ltd, and the Chinese Bank. As part of this agreement, the ICBC will also act as a financial advisor for the project.

MAN Diesel & Turbo

MAN Diesel & Turbo has been awarded an e 125 million contract to construct eleven turbomachinery trains in China.

The project will be based at Yinchuan in the Ningxia region, where air separation plants are being built under the management of Linde and Hangyang for a coal liquefaction plant.

Japan

A Singapore based company has proposed a US$ 650 million deal to Petrobas, including US$ 80 million for the Nanei Sekiyu refinery in Okinawa and US$ 570 million for oil and oil derivative stocks at the refinery complex.

This deal comes in the midst of a Petrobras divestment program to raise cash to fund the company’s US$ 237 billion five year investment plan; the company hopes to raise US$ 9.9 billion from asset sales.

Russia

Russia’s state controlled oil company, Rosneft, has announced plans to double its share of the domestic gas market, taking an additional 20% and upping production to approximately 100 billion m³/y.

Oman

Oman Oil Refineries and Petroleum Industries company (ORPIC) has received an investment of approximately US$ 3 billion, which will allow it to establish a Steam Cracker and Polyethylene plant at the Port of Sohar.

This development accompanies ongoing plans for an upgrade of its existing refinery at Sohar, and a pipeline project linking its Sohar and Mina al Fahal refineries.

Bahrain

Technip has won a contract for the modification project at the #3 sulfur recovery unit (SRU) of the Bahrain refinery. Under the contract, awarded by the Bahrain Petroleum Company (BAPCO), Technip will provide engineering, procurement, construction, precommissioning and commissioning and startup support for the SRU project.

Qatar

Qatar Petroleum (QP) has signed an agreement with a consortium led by France’s Total to build the US$ 1.5 billion Laffan 2 refinery project. QP will own 84% of the joint venture. The remaining shares will be held by Total (10%), Idemitsu and Cosmo (2% each), and Marubeni and Mitsui (1% each).

The refinery is expected to have a total capacity of 146 000 bpd. Completion of the project is scheduled for the second half of 2016.

Edited from various sources by Emma McAleavey.

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/25042013/late_april_downstream_news_asia_and_the_middle_east_893/