(Yicai Global) May 2 -- China National Chemical Engineering Group Corp. (CNCEC) has started constructing a CNY2.6 billion (USD420 million) crude oil deep conversion project at Omsk, one of Russia's largest oil refinery complexes, after winning a contract in February.
Beijing-based state-owned firm CNCEC, will build a hydrocracker to separate gasoline, kerosene, and diesel from crude oil, producing a 2 million tons annual capacity of the latter, Xinhua News Agency reported, adding that the construction period is 27 months. The firm will undertake the procurement of materials and commissioning work after completion.
Omsk oil refinery is located in south-central Russia, 2,555 km from the capital of Moscow. It is operated by Gazprom Neft, a unit of Gazprom, which holds the world's largest natural gas reserves and is the largest company of Russia by revenue.
China National Chemical Engineering Group Co. works through its units to engage in the contracting of construction and infrastructure projects in the fields of chemical, petrochemical, pharmaceutical, power, and coal industries in China and internationally. Established in 1953, it was one of the earliest engineering companies in the country to carry out overseas contracting business.
Editors: Emmi Laine, William Clegg