Petroperu seeks to finance $1.7bn refinery modernisation

23 May 2012 22:55  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Petroperu will authorise French bank Societe Generale to structure the financing of a $1.7bn (€1.3bn) project to modernise its Talara refinery in northwest Peru, the state-run energy producer said on Wednesday.

The agreement will allow Societe Generale to analyse, evaluate, and design the financial framework for the project.

The project would reduce sulphur emissions from the refinery and allow it to process heavy crude oil that is extracted in northern Peru, the company said.

Petroperu wants to increase the refinery’s production from 65,000 bbl/day to 95,000 bbl/day.

In addition, the refinery would produce high-octane gasoline, co-produce hydrogen, convert waste fuels into light gas and become energy self-sufficient, the company said.

The modernised refinery is expected to start by June 2016, the company said.

($1 = €0.79)

By: Simon West

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