• 13 hours Iraq Begins To Rebuild Largest Refinery
  • 17 hours Canadian Producers Struggle To Find Transport Oil Cargo
  • 19 hours Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 20 hours China's CNPC Considers Taking Over South Pars Gas Field
  • 22 hours BP To Invest $200 Million In Solar
  • 23 hours Tesla Opens New Showroom In NYC
  • 24 hours Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 1 day Venezuela Sells Oil Refinery Stake To Cuba
  • 1 day Tesla Is “Headed For A Brick Wall”
  • 2 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 2 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 2 days Goldman Bullish On Oil Markets
  • 2 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 2 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 2 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 2 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 2 days Colombia Boosts Oil & Gas Investment
  • 3 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 3 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 3 days Aramco On The Hunt For IPO Global Coordinators
  • 3 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 3 days India Feels the Pinch As Oil Prices Rise
  • 3 days Aramco Announces $40 Billion Investment Program
  • 3 days Top Insurer Axa To Exit Oil Sands
  • 4 days API Reports Huge Crude Draw
  • 4 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 4 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 4 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 4 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 4 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 4 days Exxon To Start Reporting On Climate Change Effect
  • 5 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 5 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 5 days Forties Pipeline Could Remain Shuttered For Weeks
  • 5 days Desjardins Ends Energy Loan Moratorium
  • 5 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 5 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 5 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 8 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
  • 8 days Mexico Blames Brazil For Failing Auction

Breaking News:

Iraq Begins To Rebuild Largest Refinery

Alt Text

Venezuela To Launch ‘Petro’ Cryptocurrency

Venezuela’s President Nicolas Maduro has…

Alt Text

Is The Oil Glut Set To Return?

Yet another bearish report from…

Alt Text

This Tiny Moon Has More Oil & Gas Than Earth

Only 1 billion miles away…

Lukoil Deal Makes Bulgaria Largest Eastern Europe Refiner

Lukoil Deal Makes Bulgaria Largest Eastern Europe Refiner

Lukoil’s Bulgarian subsidiary has secured a $570 million line of credit to finance the modernization of the Black Sea Burgas refinery and add a hydrocracking unit to boost refining output.

Lukoil Neftochim Burgas, the largest income-generator in Bulgaria, plans to complete the refinery modernization by the end of the year, with testing set to begin in 2015, making it only the 10th hydrocracking unit in the world and the largest in Eastern Europe.

Five international banks have approved a total of $570 million in credit for the project, which will allow the refinery to increase output of Euro 5 diesel fuel by 1.2 million tons per year. The new output will also allow the refinery to halt the production of high-sulfur fuel oil.  

The planned hydrocracker unit, which should be commissioned in January 2015, will have a capacity of 2.5 million tons per year, while the first phase of procurement contracts for the project will be worth some $1.2 billion.

Once completed, the new installation will substantially reduce the refinery's output of greenhouse gases, and will replace existing waste processing installations using older technology.

Similar facilities exist in the US, Canada, Mexico, Japan, Kuwait and Poland.

The upgraded refinery will give Bulgaria the oil refining capacity in Southeastern Europe, and make the refinery the largest industrial undertaking in the country.

Italian export credit agency SACE will cover 95% of the 10-year loan, with other international banks including Societe Generale, ING Bank, BNP Paribas, and UniCredit.

It has not all been smooth sailing for Lukoil in Bulgaria, which saw the Bulgarian Customs Agency in March 2013 revoke the operating license of Lukoil Bulgaria EOOD over failure to install measuring devices on its tax warehouse connected to the main pipeline transporting fuels from the Burgas refinery to the capital, Sofia.  

A similar incident occurred in 2011, but after a protest note from the company, the court overruled the Customs decision.

By. Charles Kennedy of Oilprice.com




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News