Release date: 1 July 2005
Promoter – Financial Intermediary
Neste Oil Corporation, Espoo, Finland.Location
Description
The project concerns the upgrading of the Porvoo Oil Refinery at Kilpilahti. It will be directed primarily at increasing the production volume of sulphur-free diesel fuel and intermediate feeds for other refinery units.
Objectives
The purpose of the project is to increase the conversion capacity of the Porvoo Refinery. Specifically it will increase the production volume of diesel with less than 10 ppm sulphur content and allow for the increased use of Russian Export Blend sour crude as an alternative to more expensive sweet crudes, such as from declining North Sea oil production.
Comments
Oil and gas.
Sector(s)
Proposed EIB finance (Approximate amount)
Up to EUR 150 million.
Total cost (Approximate amount)
Approximately EUR 550 million.
Environmental aspects
The project will help to improve competitiveness at the refinery and will produce cleaner transport fuels, which in turn will help to reduce emissions from automotive engines. It therefore supports EU environmental policy and Europe’s Kyoto commitments.
Procurement
Procurement procedures followed by the promoter are suitable for the project and satisfactory to the Bank.
Status
Signed - 4/01/2006
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).