1. Antipinsky Oil Refinery’s Workflow Phase II Commissioned

Antipinsky Oil Refinery’s Workflow Phase II Commissioned

25.04.2010

The Antipinsky Oil Refinery’s Workflow Phase II was commissioned today in Tyumen increasing the refinery’s total capacity to 3.5 MTPA.

The investment in the construction of the Antipinsky Oil Refinery CJSC amounted to about USD 300 M, the company’s Director General Gennady Lisovichenko told RBC. He estimated the construction cost of the refinery’s Workflow Phase I at about USD 100 M and Workflow Phase II at about USD 200 M. Gennady Lisovichenko noted that the company had already started design works for the construction of the refinery’s Workflow Phase III, the first stage of which he estimated at USD 500-600 M. “The whole of Workflow Phase III will be a costly affair and we may need up to USD 2.4 bn investment,” he said.

Speaking about the financing sources, the refinery’s Director General noted that the company was currently negotiating with various banks including Raiffesen Bank CJSC. According to him, the bank was the anchor investor during the construction of Workflow Phases I and II and intended to participate in the financing of Workflow Stage III. “We already have a clear-cut agreement for a loan to be extended by the bank,” said Gennady Lisovichenko without disclosing the details.

According to the Chairman of the company’s Board of Directors Dmitry Mazurov, investments in the construction of the Antipinsky Oil Refinery CJSC may come to USD 2 bn by 2015. Speaking about the company’s future plans, Dmitry Mazurov noted that by 2013, as part of Workflow Phase III implementation, the refinery’s capacity would reach 7 M tons of oil per annum and the refining depth would come to 94%. “These indicators even exceed the requirements set by the country leaders and the benchmarks the global community is guided by,” Dmitry Mazurov said. According to him, the refinery is intending to sell about 2 – 2.5 million tons of petroleum products out of the 7 million tons it produces in the Urals Federal District. “It will practically cover the district’s demand and we shall probably put competitive pressure on the companies operating in the district,” emphasized the Chairman of the Antipinsky Oil Refinery’s CJSC Board of Directors.

The company is also planning to switch over to the production of Euro-5 compliant fuel by 2013. The fuel meeting the aforesaid standard will be in demand not only abroad, but also in the nearby low-temperature Russian regions, such as the Khanty-Mansi and Yamalo-Nenets Autonomous Districts,” Dmitry Mazurov believes.

The Antipinsky Oil Refinery CJSC was founded in 2006, its main owner is a Luxemburg company New Stream.

RosBusinessConsalting News Agency

Back to the list