TAIF-NK to start construction of Heavy Oil Residue Conversion Complex based on unique Veba Combi Cracking technology
Today, at TAIF-NKís refinery in Nizhnekamsk, a formal function took place to mark the official start of construction of the Heavy Residue Conversion Complex (HRCC) based on a unique Veba Combi Cracking (VCC) technology. The function participants laid a time capsule containing a Message to the Future Generations to the foundation of the Complex planned.
Construction of the Complex envisaged in the framework of TAIF Groupís oil refining facilities long-term development programme fully complies with the industrial policy run by the Government of the Russian Federation which is targeted at modernization of all existing refineries in Russia in the coming years with the aim at increase of refining depth and production of only high-quality oil products.
The purpose pursued by construction of the Complex is to increase crude and heavy residues conversion depth to the maximum and increase the yield of light high-quality oil products up to 95%. Start-up of the complex will allow increasing production and sales of straight-run gasoline, which is used as feedstock for petrochemical enterprises, and also expand production of Euro-5 diesel fuel. Over 700 new highly-paid jobs will be created that will contribute to improvement of life quality of Nizhnekamsk and Nizhnekamsk District population as well as economic prosperity of the Republic of Tatarstan and the Russian Federation. Operation of this Complex will make it possible to significantly improve environmental situation in the region.
As part of the Complex, VCC-based vacuum residue hydroconversion unit and hydrogen and sulfur plants will be built, also farm tanks reconstruction will be held. Total cost of the Complex construction amounts to USD 1 billion 835 million. The construction will be financed from TAIF-NK PSCís own funds as well as ECA-backed loans. The Complex start-up is scheduled for the I quarter 2016. The ultimate objective of the Complex construction is to have the best refinery globally in terms of efficiency by 2016.
Media Office, TAIF Group
For further information, please contact:
Dmitriy V. Nemanov,
Head of Media Office, TAIF PSC