Greek Corinth Refinery Pushes Ahead with Naphtha Complex

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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Motor Oil Hellas SA (ATH:MOH) (MOH) (Athens, Greece) has awarded TechnipFMC plc (NYSE:FTI) (Paris, France) a "significant" engineering, procurement and construction (EPC) management services contract for the construction of a new naphtha complex at its Corinth refinery in Greece.

This naphtha complex will have a capacity of 22,000 barrels per day and consist of three new process units: a naphtha hydrotreater unit, a platforming unit and an isomerisation unit. When completed, the complex will allow MOH to boost its production of Euro-5 gasoline, aligned with its strategy to increase the production of clean fuels. The project will also cover the upgrading of existing utilities and offsite units to meet the requirements of the new unit. TechnipFMC already provided FEED (front-end engineering design) for the same project. The company said that its work on this complex will range in value from $75 million to $250 million.

Catherine MacGregor, president of TechnipFMC's Onshore/Offshore business, commented: "With this project, TechnipFMC strengthens its expertise in the delivery of complex projects and its leadership within the European downstream market. This project also illustrates the strong historical relationship between TechnipFMC and Motor Oil Hellas over the past 45 years."

The Corinth refinery, which began operations in 1972, has a total capacity of more than 185,000 barrels per day (BBL/d). Fuels produced include liquefied petroleum gas, naphtha, kerosene, diesel and fuel oil. Kerosene and diesel are further treated to remove sulphur in order to comply with the required specifications and to produce jet fuel and diesel fuel, respectively (both automotive and heating grades). Demand for 0.5% sulphur marine fuel oil has been picking up last year across the world's largest ports and Motor Oil Hellas, like many other refineries, has adapted its Corinth Refinery to supply more compliant fuel. Shipping companies will have to comply with new International Maritime Organization standards--IMO 2020--this year, which will require the marine sector to reduce sulphur emissions by more than 80%.

Last August, Industrial Info reported that TechnipFMC planned to split into two separate publicly traded companies covering different areas and using the placeholder names RemainCo and SpinCo. The larger company, RemainCo, will have approximately 22,000 employees and will be a technology and services provider in the energy sector, including subsea and surface technologies. The other company, SpinCo, will have approximately 15,000 employees and will be a pure-play engineering and construction firm. Specifically mentioned sectors for SpinCo include the liquefied natural gas (LNG) market. The split is expected to close in the first half of 2020, subject to regulatory approvals. Industrial Info is tracking projects valued at more than $86 billion involving TechnipFMC. For additional information, see August 28, 2019, article--TechnipFMC to Split into Two Companies in Face of Changing Energy Markets.

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