- The contracts are related to 5 refinery process units, to be implemented inside the Kstovo refinery, in Central Russia, as part of the oil residue upgrading project
Milan, 23 July 2018 - The Group announces that its subsidiary KT – Kinetics Technology has been awarded two EPC (Engineering, Procurement and Construction) contracts by LUKOIL NizhegorodNefteorgSyntez, a subsidiary of JSC LUKOIL. The contracts are related to five refinery process units as part of the oil residue upgrading project for the Kstovo Refinery, in Central Russia.
The overall value of the two contracts is USD 527 million. The EP portion worth USD 156 million was awarded and already communicated to the market on November 10, 2017, and included in the Group’s Backlog at 31 December 2017.
The contracts’ scope of work entails Engineering, Procurement and Construction activities for the implementation of a Diesel Fuel Hydrotreater Unit, a Hydrogen Production Unit, a Pressure Swing Adsorption (PSA) unit as well as a Gas Fractionation Unit and a Sulphur Recovery Unit.
The new units will improve the complexity and technological content of the Kstovo Refinery, enabling the plant to produce higher value products, therefore meeting the growing market demand for cleaner fuels as well as ensuring higher yields of valuable products. With this important achievement, Maire Tecnimont Group strengthens its positioning in the refining business and consolidates its track record in the CIS area.
Pierroberto Folgiero, Maire Tecnimont Group Chief Executive Officer, commented: “These two EPC contracts confirm our strong technological focus in the downstream hydrocarbons value chain, which enables our clients to improve process efficiency and product quality, while mitigating the environmental impact. Moreover, our distinctive capabilities have led us to further consolidate a long-lasting relationship with a prestigious client such as LUKOIL”.