Study over for new refinery

19 December 2003
Canada's VECO hascompleted a feasibility study for the proposed oil refinery to be set up at Ras Issa on the Red Sea (MEED 4:10:02).

The estimated $200 million-250 million grassroots project will be the first private refinery in Yemen. The refinery will have a nameplate capacity of 30,000 barrels a day (b/d), but there are plans to double the size at a later date.

The refinery will be designed to produce gasoline, liquefied petroleum gas (LPG), mogas, fuel oil and diesel. The facility will also include berths and storage tanks with capacity of 3 million b/d. The project will take 18-20 months to complete.

The proposed refinery will be financed on a 70:30 debt/equity basis. The client is Hoodoil, part of the local Natco (MEED 24:5:02).

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