ABB signs US$ 200-million orders to modernize Russian refinery

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October 30, 2000

Global technology group ABB announced today that it has signed contracts worth some US$ 200 million to modernize Tyumen Oil Company’s oil refinery in Ryazan, Russia.

The modernization project is intended to increase production of clean, high-octane gasoline at Tyumen’s largest refinery, located approximately 190 kilometers (120 miles) east of Moscow. Using technologies developed by ABB Lummus Global and by an ABB-Chevron joint venture, Tyumen also aims to reduce emissions from the transportation fuels it produces at Ryazan and to expand its share of the Russian gasoline market.

Tyumen is the second-largest oil company in Russia in terms of proven reserves, with reserves of about 1 billion tons and underdeveloped reserves estimated at 2.4 billion tons.

The orders, which involve technology, engineering and procurement services, as well as equipment are being financed in part through loan guarantees approved in April 2000 by the United States Export-Import (Exim) Bank under the Oil and Gas Framework Agreement between the United States and the Russian Federation. The Ryazan refinery modernization will be the third major refinery project in which ABB has been involved under U.S. Exim Bank guarantees. The first was the LUKOIL Permnefteorgsyntez refinery at Perm in the Ural region of western Russia, first announced in 1995. The second was the 1997 order for equipment and services from the Nizhnekamsk-neftekhim (NKNK) petrochemicals complex at Nizhnekamsk, in the Republic of Tatarstan in western Russia.

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