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Group including Hyundai, KBR expresses interest in Ecuador refinery deal

January 18/2021

MOSCOW (MRC) -- A consortium including Hyundai Engineering Co Ltd and KBR Inc has expressed interest in a contract to renovate Ecuadors 110,000-barrel per day (bpd) Esmeraldas refinery, Energy Minister Rene Ortiz and the companies said, as per Hydrocarbonprocessing.

Last year, Ortiz announced the search for a private company to invest around USD2.4 billion in the refinery, owned by state oil company Petroecuador, to boost fuel output at the plant and help the cash-strapped South American country reduce imports of refined products.

The consortium plans to receive financing from Morgan Stanley. It has until February to present a final bid for the project, according to a timeline presented by the energy ministry. The government will make a final decision on awarding the contract in March.

The contract will then be signed in April. The deal is part of President Lenin Morenos efforts to boost private investment in Ecuadors struggling economy. He is set to leave office in May after presidential elections next month.

The consortium also includes Texas-based companies RGFx Initiatives and Energlobal Investment Group. Neither authorities nor representatives of the four companies who attended a press conference clarified how much the consortium was expected to invest, or the fees the consortium would receive for eventually delivering refined products to the state for domestic sale.

As per MRC, KBR announced that Sinochem Quanzhou Petrochemical Co. has successfully commissioned a new ethylene facility in Quanzhou, Fujian Province, China, utilizing KBR's SCORE (Selective Cracking Optimum Recovery) technology. The 1-million-t/y ethylene plant is part of Sinochem's grassroots integrated refining and petrochemical complex, which also includes a 400,000-t/y high-density polyethylene (HDPE) facility, which recently achieved on-spec production, as well as an 800,000-t/y paraxylene (PX) plant, a 350,000-t/y polypropylene (PP) unit and an aromatics extraction unit with 300,000 t/y of capacity.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's DataScope report, PE imports to Russia decreased in January-November 2020 by 17% year on year and reached 569,900 tonnes. High density polyethylene (HDPE) accounted for the greatest reduction in imports. At the same time, PP imports into Russia increased by 21% year on year to about 202,000 tonnes in the first eleven months of 2020. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, ethylene, propylene, neftegaz, petrochemistry.
Category:General News
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