Release date: 17 July 2008
Promoter – Financial Intermediary
Galp Energia SGPS SA, is engaged in the exploration, production, refining and distribution of petroleum products, the supply and distribution of natural gas and the generation of electric and thermal energy.Location
Description
Construction and operation of new oil processing units within existing refineries at Sines and Porto.
Objectives
The project will convert heavy and sulfurous oil products into low sulfur containing middle distillates such as diesel, products of which the Iberian peninsula and Europe as a whole is in deficit. Both refineries will be modified with a view to an integrated operation.
Sector(s)
Proposed EIB finance (Approximate amount)
Up to EUR 500 million.
Total cost (Approximate amount)
Estimated at EUR 1300 million.
Environmental aspects
The project concerns the upgrading of existing refineries to improve competitiveness and to convert heavy oil products to high quality automotive fuels as required under European standards. It falls under Annex II of the EIA directive 85/337/EC and its amendments. Due to its technical characteristics and potential impacts on the environment EIAs are required by the environmental authorities in line with the provisions of the directive. Such EIAs are under preparation.
Procurement
The project is a private sector operation not subject to EU public procurement legislation.
Status
Signed - 3/03/2009
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).