S.Korea's Hyundai E&C implements $534m worth project in Turkmen refinery
South Korean Hyundai Engineering and Construction Co. Ltd implements project worth $534 million at the refinery in Turkmenbashi, representative of the company said at the 17th International Oil and Gas Conference, held recently in Ashgabat.
General Director of the branch in Turkmenistan Song Dong Joon noted that it is planned to commission a number of facilities at the plant by May 2015.
The major project involves the installation of a Vacumm Distillation Unit, Light Olefine Alkylation Unit, Light Gasoline Isomerization Unit, Gasoline Mixing Unit and Utility System.
It was the confirmation of previous statements. In May, it was reported that the refinery will sign contract with a consortium of LG International Corp. and Hyundai Engineering and Construction Co. Ltd.
LG International and Hundai Engineering and Construction Co. Ltd in Turkmenistan are already involved in the development of hydrocarbon deposits in the Galkynysh field in the country. The consortium is implementing a project on desulfurization worth $1.2 billion.
The Galkynysh field is also known as South Iolotan and has been developed under a service contract by China's CNPC, Dubai-based Gulf Oil & Gas, London-listed Petrofac and a Korean consortium of LG International Corp. and Hyundai Engineering and Construction Co. Ltd.
Turkmenistan plans to increase capacity of oil refining in 2015 up to 15 million tons per year, in 2020 - up to 20 million tons, in 2025 - up to 22 million tons and in 2030 - up to 30 million tons.
In accordance with the approved plans this will be achieved through the construction of three oil refineries and upgrading existing enterprises including at Turkmenbashi city and the oil refinery located in the east of the country in the city of Saydi.
Turkmenistan annually produces about 10 million tons of oil, much of which is processed in local factories.
Construction of plants for the production of benzene, toluene, xylene and their derivatives will start at the largest enterprise of the country, the oil refinery in Turkmenbashi in the near future.
At present, various types of gasoline, kerosene, diesel fuel, lubricating and all-purpose oil and coke are produced here.