Japan-based Toyo Engineering has won a contract from oil refining company TAIF-NK to provide engineering and procurement services for the modernization of an oil refinery situated in the city of Nizhnekamsk, in Tatarstan, Russia.
The value of the contract was not disclosed.
Under the contract, Toyo will implement US-based engineering company KBR’s Veba Combi Cracker process at the heavy residue conversion complex (HRCC).
Upon completion, the HRCC will be able to process 2,700,000 tons/year of residue and 1,000,000 tons/year of vacuum gas oil with high ratio of conversion to more valuable and high quality oil products.
The upgrade of the HRCC is expected to be completed in 2016.
In 2015, the government of Russia is planning to nullify the law of lowering the heavy residue export taxes towards increasing added value for the exported petroleum products and compliance with the motor gasoline environmental standards being used domestically.