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Petroperu to wrap up modernization of Talara refinery

January 20/2021

MOSCOW (MRC) -- The Peruvian government authorized state-run Petroperu to issue up to USD1 billion in bonds to complete the modernisation of the country's largest refinery, a resolution from the Ministry of Economy said on Tuesday, said Hydrocarbonprocessing.

The plan to modernise Talara, on the Pacific coast of northern Peru, is expected to cost a total of USD4.7 billion dollars and raise its processing capacity to 95,000 barrels of crude per day from the current 65,000 barrels.

The debt issuance follows Petroperu's debut in the international debt markets in 2017, when it issued USD2 billion on bonds. The latest issuance will not be backed by the state, the ministry said on the website of the government newspaper El Peruano.

The Talara modernization project was 87.11% in March last year and due for completion in the first half of 2021 when the coronavirus pandemic hit, resulting in the suspension of all industry for up to five months. Petroperu representatives were not immediately available to request further information on the matter.

We also remind that in December 2020, Sibur, Gazprom Neft, and Uzbekneftegaz agreed to cooperate on potential investments in Uzbekistan including a major expansion of Uzbekneftegazs existing Shurtan Gas Chemical Complex (SGCC) and the proposed construction of a new gas chemicals facility. The signed cooperation agreement for the projects includes the creation of a gas chemical complex using methanol-to-olefins (MTO) technology, and the expansion of the production capacity of the Shurtan Gas Chemical Complex.

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, neftegaz, petrochemistry.
Category:General News
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