13 April 2011 07:23 [Source: ICIS news]By Lee Hanmin and Nurluqman Suratman
"Daelim received the notice to proceed for detailed design & engineering, procurement service and offshore procurement, and the main contract will be concluded on a lump-sum turnkey base project in the near future,” the South Korean firm said in a statement on Monday.
The planned expansion will “double [Petron’s] refining complexity” and enable it to compete more effectively with other refineries in the Asia-Pacific region, Petron said in a statement last week.
“Petron’s operational efficiency will also significantly improve as the project allows the 'full conversion' of all remaining black streams into high-margin white products and petrochemicals,” Petron said in the statement.
The Bataan complex, located 150 kilometres southwest of
With the planned upgrades, the refinery will also be able to “digest” a wider range of crude oils, including from African sources, giving it greater flexibility to source cost-efficient crude types, Petron said in the statement.
Petron will be able to produce fuels that meet global clean air standards (Euro 5) once the upgrades are completed, it said.
The company is looking at Axens, UOP, CBI Lummus, Foster Wheeler to be its partners that will provide technology and engineering services for the refinery project.
The expansion is in line with the aim of ensuring Petron’s growth momentum over the long-term through integration of its petrochemicals business and increasing its presence in the export market, the company said.
Additional reporting by Pearl Bantillo
($1 = €0.69)
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