Maire Tecnimont S.p.A. announces today that has signed an Agreement of Intent for the implementation of a project related to the "Construction of the VGO Hydrocracking Complex" at the Ryazan Refining Company’s (RORC) production site, approximately 200 km South East of Moscow.
The agreement was signed on the occasion of the ХIV Eurasian Economic Forum in Verona, in Italy.
VGO stands for Vacuum Gas Oil, which is produced by vacuum distillation unit in a refinery plant. Rosneft’s subsidiary RORC is one of the largest Russian refineries by volume of refining and production output.
The project’s scope of work entails a full range of works related to the design, supply of equipment and materials, construction, start-up and commissioning, and project finance services.
The VGO hydrocracking complex will enable RORC to increase refining margins by converting heavy petroleum products into Class 5 light commercial petroleum products (gasoline, kerosene, diesel fuel). The complex includes hydrocracking units, hydrogen production units, elemental sulphur production units, and off-site facilities. All equipment has high environmental performance characteristics. The project uses modern, highly efficient technology and equipment with an automated control system to reduce the carbon footprint of the plant.
Rosneft is implementing an unprecedented program to upgrade its refineries, with more than 900 billion rubles (13 billion USD approximately) already been invested to significantly increase production of Class 5 gasoline, diesel fuel and fully meet the needs of the domestic market.
Pierroberto Folgiero, Maire Tecnimont Group Chief Executive Officer, commented: “We are really honored to put for the first time at Rosneft’s service our technological know-how as well as our engineering and construction capabilities for this strategic initiative to unlock greater value through the transformation of natural resources, while ensuring best environmentally performing standards. This achievement with a prestigious client such as Rosneft let us further consolidate our very strong track record in the Russian Federation, a market currently showing really significant investment trends in downstream”.