Delegations from Rosneft and ChemChina visited FEPCO’s oil refining construction site near Yelizarov Cape, and were presented with a progress review of the project. This visit follows the signing of a memorandum of understanding regarding the probable acquisition of controlling stake in FEPCO by ChemChina.
Phase one of the plant is expected to refine 12 million tpy and produce 8.5 million t of engine fuels, with the second phase boosting output to 3.4 million tpy, as well as securing 3 million t of petrochemical products. Preliminary investment required for this is estimated to be RUB660 billion, including VAT.
Igor Sechin, Chairman of Rosneft Management Board, said: “The company is interested in attracting a strategic partner on the project. We estimate our partnership with the Chinese partners regarding ongoing joint projects positively. We expect further development of this mutually beneficial cooperation with ChemChina.”
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/07092015/rosneft-and-chemchina-visit-fepco-construction-site-1352/