The third phase of Antipinsky oil refinery will provide the oil producing region with fuel at last.
The Tyumen Region will solve the gasoline problem in the long run. Now the region has to acquire light oil products from neighboring areas. By the end of the year 6 million tons of oil will be supplied to Antipinsky Oil Refinery, a contract for additional deliveries has already been signed with Sibnefteprovod, a subsidiary of Transneft, Izvestia was told in the press service of the refinery. Another contract has also been signed for carrying out construction works in order to provide for the delivery of 4.3 tons of oil additionally.
Oil deliveries should grow for the purpose of loading facilities under construction, i.e. the third phase of the oil refinery. Antipinsky has already begun building such facilities, simultaneously licenses and equipment for the main and auxiliary production sites are being purchased. According to the plan the refinery is to increase its capacity up to 7.5 million tons per year, achieve the maximum oil processing depth of 94%, and streamline the output of Euro-5 oil products.
The volume of investments in the project for the period of 2010-2015 is planned at the level of $2 billion. As of April 2012 the refinery used $700 million of which $200 million constituted the operating capital, $300 million – the money of shareholders, and $200 million – credits.
For the purpose of borrowing finance for modernization the refinery has already made a multi-currency facility agreement on the extension of term and revolving credit lines for an overall amount of up to $750 million. Gazprombank, Raiffeisen Bank International, Globexbank, and Raiffeisenbank jointly with Glencore International trading company are willing to provide funds.
The Tyumen Region is one of the largest oil producing areas, nevertheless, it has to acquire 1.2 million tons of light-oil products from other regions, in particular, from Omsk Oil Refinery of Gazpromneft, Ufa Oil Refinery of Bashneft, and Permnefteorgsintez of Lukoil.
However, according to the VTB Capital analyst Aleksandr Kirevnin, though the construction of the third phase and the growth of production volumes will help to meet a steadily increasing demand it is unlikely that this circumstance will entail the fall in gasoline prices.
— Car sales have been growing very rapidly in our region and by the date of the third-phase commissioning the gasoline demand will grow as well. So, it will scarcely tell on prices in the region, it will only impact the supply of this market and reduce the risk of deficit, the expert is quoted as saying.
Aleksandr Kirevnin points out that from 2015 a one hundred percent export duty for fuel oil is expected to be introduced, that is why oil refineries with low processing depth will become on the brink of profitability or even incur losses.