Spain: Petronor receives EUR 400 million EIB loan for Muskiz plant

abarrelfullabarrelfull wrote on 26 Sep 2012 07:50

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23 July 2009

The European Investment Bank (EIB) has granted Repsol YPF a EUR 400 million loan for the construction and operation of a coker unit at its subsidiary Petronor’s Muskiz refinery. EIB Vice-President Carlos da Silva Costa and Petronor’s Chairman Josu Jon Imaz signed the finance contract for a first tranche of EUR 300 million in Bilbao this morning.

At the signing ceremony the EIB Vice-President said: “With this loan, the EIB is supporting Petronor’s drive to upgrade the facilities at its Muskiz refinery, staying in line with developments in European industry and bringing clear environmental benefits”.

The project consists of the construction and operation of a delayed coker unit and related treatment units at Petronor’s refinery in Muskiz (Biscay province). It is designed to reduce low-value heavy fuel oils and convert them into higher value low-sulphur diesel, gasoline, propane and butane in accordance with EU specifications. The resulting increased conversion capacity at the site will make it possible to process heavier and sourer crudes, which are both cheaper and more abundant than lighter and sweeter ones. The project does not include an increase in the refinery’s atmospheric crude distillation capacity.

The production of cleaner fuels is in line with EU policies and directives to improve fuel specifications in the interests of environmental protection and people’s health. The project will also help to boost the industry’s competitiveness and create jobs in the region.

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