- The Project relates to the implementation on a EP+Cm basis of the Combined Oil Refinery Unit (CORU), in the Moscow Refinery, Russian Federation
Milan, 18 June 2015 – Maire Tecnimont S.p.A. announces that its main subsidiary Tecnimont S.p.A. in cooperation with Russian partners has been awarded by the Client JSC Gazprom Neft an EP+Cm contract (Engineering, Procurement and Construction Management services)for the execution of the Combined Oil Refinery Unit (CORU) Project, to be implemented inside the existing Moscow Refinery, in the Russian Federation.
Gazprom Neft, is the third-largest oil company in Russia by refining volume and fourth largest in terms of production. Gazprom Neft Group consists of more than 70 production, refining and sales subsidiaries globally, and is majority owned by Gazprom.
Overall contract value to Tecnimont equals to approximately €480 million, and will be entered into a multicurrency basis of euro and Russian ruble, the latter totaling approximately 30% of the total amount. The contract is under Lump Sum scheme for Engineering and Procurement and under Reimbursable scheme for Construction Management.The scope of the project encompasses the implementation of a new hydroskimming section with a set of process refining units, part of which are licensed by a major refining technology provider. Project shall be located in the existing Moscow Refinery perimeter and will be mainly aimed at producing gasoline and diesel distillates under EURO 5 grade specifications. Tecnimont’s scope includes as well ancillary and new utilities units. A significant portion of materials and subcontracting activities will be supplied by local partners within the Russian Federation. Tecnimont will in fact capitalize its long standing presence in Russian Federation to procure major part of bulk materials in Russia.
Completion is expected within 36 months (Ready for Start-Up) from the Letter Of Intent, which has been signed and represents the Commencement Date of the Contract.
The Project is a capital milestone for Maire Tecnimont Group’s Oil & Gas business since it represents a major award in downstream refining, after the recent achievements in crude oil and gas treatment, both in terms of completed and awarded projects in the Middle East. This important step confirms the long-lasting and outstanding experience of the Group in the Russian Federation, where Tecnimont’s brand is well known since the 1930s. It confirms the orientation of the Group to leverage Maire Tecnimont’s distinctive competencies in its core business.
Pierroberto Folgiero, Maire Tecnimont Chief Executive Officer, commented: “This contract represents an outstanding opportunity for Maire Tecnimont Group to start a long term collaboration with Gazprom Neft, one of the leading players in the refining market globally, leveraging Tecnimont's very well established presence in the Russian promising downstream business environment. We are therefore truly honored to expand our refining references to such a prestigious world- class client with this flagship project in Moscow.”
Maire Tecnimont S.p.A.
Maire Tecnimont S.p.A. is a company listed with the Milan stock exchange. It heads an industrial group (the Maire Tecnimont Group) that leads the international Engineering & Construction (E&C), Technology & Licensing and Energy Business Development & Ventures markets, with specific competences in plants, particularly in the hydrocarbons segment (Oil & Gas, Petrochemicals and Fertilisers), as well as in Power Generation and Infrastructures. The Maire Tecnimont Group operates in approximately 30 different countries, numbering around 45 operative companies and a workforce of about 4,200 employees, of whom over half work abroad. For more information: www.mairetecnimont.com.
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