TATNEFT & Russian Ministry of Energy Signed Agreement for Oil Refining

Source: www.gulfoilandgas.com 3/25/2021, Location: Asia

TATNEFT Company and the RF Ministry of Energy have signed an investment agreement on the creation of new production facilities at the TANECO Refinery and Petrochemical Plants Complex in Nizhnekamsk.

The agreement concluded for the period until January 1, 2031, provides for the construction of 4 oil refineries by the end of 2026 with a total investment amounts of more than 50 billion rubles, including delayed coking units, catalytic cracking units, heavy residue hydroconversion and isodewaxing diesel fuel (hydroisodewaxing).

These units will increase the advanced conversion factor of crude oil refining at the TATNEFT Oil Refining Complex and ensure the production of high-quality and highly environmentally friendly products: Euro-5 gasoline, Arctic diesel fuel that meet Euro-5 requirements and stricter environmental specifications of Scandinavian countries.

In accordance with the signed Agreement,the Company will receive an investment premium to the returnable excise tax on crude oil for the implementation of these projects.

Ilshat Salakhov, Head of the "Oil and Gas Processing" Business Unit, General Director of JSC "TANECO":

"The investment premium mechanism is an effective economic incentive for the implementation of large-scale projects with a significant national economic effect, which ensures the country's energy security and contributes to the development of related industries and the economy of the whole Russia."


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