TAIF awards engineering deal to Toyo for Russian refinery modernization
Toyo Engineering was awarded a contract from Russia's TAIF-NK to provide services for detailed engineering and procurement on the oil refinery modernization project in Nizhnekamsk, the company said on Wednesday.
The current project utilizes the VCC (veba combi cracker) process of US-based KBR to be implemented at the heavy residue conversion complex (HRCC) for the first time in the world.
The project is scheduled to be completed in 2016. The upgraded complex will convert the following oil refinery heavy residues: 2,700,000 tpy of vacuum residue and 1 million tpy of vacuum gas oil, with a high ratio of conversion to valuable oil products, according to project officials.
In 2015 the Russian government plans to annul the decree currently in effect of lowering the heavy residue export taxes towards increasing added value for the exported petroleum products and compliance with the motor gasoline environmental standards (Euro 5) being used domestically.
In this regard, oil refineries in Russia were given directions for urgently establishing units for heavy oil conversion.
Toyo said it was awarded the contract based on its successful experiences in construction more than 60 plants in both Russia and CIS countries from the 1960s and for receiving a high appraisal for its engineering know-how on numerous projects in the field of heavy oil conversion.
Toyo added that it plans to actively expand its business and marketing activities in years to come for energy and petrochemical projects.
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