Hungary's MOL announces 420 mln usd investment programme at Duna refinery UPDATE |
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Thu, 24 May 2007 17:30
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(Recasts, updates with more detail, quotes)BUDAPEST (Thomson Financial) - Hungarian oil and gas company MOL Nyrt has announced a 420 mln usd investment programme at its Duna refinery.The investment is aimed at increasing MOL's production of diesel oil by an additional 1.3 mln tonnes per year in order to harness growing demand for diesel, the company said.The project is scheduled for completion in 2010.Under the project, MOL says it will revamp a distillation unit, currently used for domestic crudes to increase its processing capacity of heavy and sour crudes, such as Ural and Kirkuk, to 1.3 mln tonnes per year.On the conversion level, the company will build a new treatment facility, known as vacuum gas oil (VGO) 'hydrocrack unit', with a capacity of 1.5 mln tonnes per year.The investment will include an upgrade to facilities which process heavy residues, adding an additional 300 kilotonnes capacity per year in this area.MOL also says it will build a new hydrogen generation unit.'Diesel demand has seen double digit growth in recent years driven by car fleets adoption of diesel and the growth in transportation, which is expected to continue in the coming years,' said MOL in a statement.'This investment is in line with MOLs strategic aim of increasing crude oil product sales and diesel production ..., [and] demonstrates our intention to grab organic growth opportunities,' the company continued.edward.krudy@thomson.comek1/jsa/ek1/rfw/ek1/rfwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Hungary's MOL announces 420 mln usd investment programme at Duna refinery 