OAO Lukoil Holdings (LKOH.RS)
has signed a $1.4 billion contract with Tecnicas Reunidas S.A. (TRE.MC)
to upgrade its
Volgograd refinery, Russia's No. 2 oil producer said in a
statement Thursday.
Lukoil and Tecnicas Reunidas will construct a vacuum gasoil light
hydrocracker unit with an annual capacity of 3.5 million metric tons and
up to 75% conversion ratio, a combined sulphur production unit and
hydrogen production facilities at the refinery that is about 1,000
kilometers south of Moscow.
Tecnicas Reunidas will provide detailed engineering, supply materials
and equipment, construct the complex and support start-up operations.
The project is scheduled to be completed by the end of 2015. The work
will increase the refinery's output of Euro-5 diesel fuel by 1.8 million
tons a year.
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