07 October 2011 00:49 [Source: ICIS news]
BUENOS AIRES (ICIS)--Argentina’s Mas Energia group inaugurated a new oil refinery and has further investments for another refinery, the company said on Thursday.
“With this new refinery, next year we will supply 7.5% of the country’s gasoline market. This means we will be the largest national company in this market, behind the multinational producers,” said Miguel Schvartzbaum, president of Mas Energia and RENESA, its fuel, gas, and power production unit.
However, the company expects to have a 9.5% market share of the Argentine gasoline business and 2.7% of the diesel business by 2015. It also expects to increase liquefied petroleum gas (LPG) and fuel oil production.
The refinery will produce 445 m³ a year of gasoline, which will be mainly destined to the automotive market of the Neuquén, Rio Negro, Mendoza, La Pampa, Chubut and Buenos Aires provinces.
The $135m (€101m) refinery is located at Plaza Huincul in Neuquen province.
The company also plans to begin construction of another oil refinery, called RENESA II, at the same location.
Mas Energia plans to invest $420m in RENESA II, which would be completed in four years.
Furthermore, Mas Energia has plans to increase its biodiesel nameplate capacity to 100,000 tonnes/year.
The company plans to invest $40m to build a new biodiesel facility, through its biofuels business unit Maikop.
($1 = €0.75)
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