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AnonymousAP -Oil Producer Petrom Invests $49.8 Million in Romanian Refinery
Tuesday February 28, 8:40 am ET
BUCHAREST, Romania (AP) — Austrian-owned OMV-Petrom, the country’s largest oil company, said Tuesday it was investing euro42 million (US$49.8 million) in one of its refineries to allow the facility to produce greater quantities of low-sulfur fuels.
The investment in the Arpechim plant in the southern city of Pitesti will produce 1.2 million tons of low-sulfur fuel a year. South Korean company SK&EC-LG International will build the new installation at the refinery according to an OMV-Petrom statement.
The company plans to invest some euro1 billion (US$1.19 billion) to modernize its two refineries of Petrobrazi and Arpechim by 2010.
OMV-Petrom, which is the largest refining operator in Romania, with a refining capacity of 8 million tons per year, the release said.
In 2004, then state-owned oil company Petrom was sold to Austrian group OMV AG for euro1.5 billion (US$1.8 billion). -
Petrom is going to spend $1B Euro to modernize its Petrobrazi & Arpechim refineries by 2010. The Petrobrazi refinery already has a 13 MBD coker that makes ~80kMT/yr of petcoke but the Arpechim does not. Romania’s 9 refineries have 6 that are coking refineries a high percentage (but all less than 300 kMT/yr each in petcoke production).
So it would seem likely that the large investment by Petrom will likely have either coking expansion or additon plans in its modernization scheme.Regards
Charlie Randall
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