Release date: 6 February 2009
Promoter – Financial Intermediary
Repsol YPF
Location
Description
Construction and operation of a delayed coker unit with a capacity of 2 Mt/a in the existing Petronor refinery at Bilbao. The project will convert low-value heavy fuel oils into higher value and low sulphur containing petrochemical feedstocks and diesel.
Objectives
The increased production of cleaner transport fuels at the expense of more polluting heavy oil products is in line with European policy and directives to improve fuel specifications, and leading to reduced tailpipe emissions and improved fuel economy of vehicles.
Sector(s)
Proposed EIB finance (Approximate amount)
Up to 50% of project cost.
Total cost (Approximate amount)
Approximately EUR 780 million.
Environmental aspects
The project concerns the upgrading of an existing refinery to improve competitiveness by converting heavy oil products to high quality fuels and petrochemical feedstock. 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, an EIA was conducted by the promoter and approved by the environmental authorities in the second half of 2008.
Procurement
The project is a private sector operation. Procurement follows the promoter’s corporate in-house purchasing procedures to ensure an appropriate level of competition among qualified contractors.
Status
Signed - 23/07/2009
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).