Motor Oil Hellas Invests $334 Million in Greece Refinery

---

Researched by Industrialinfo.com (Industrial Information Resources, Houston, Texas). Motor Oil Hellas (ASE: MOH) (Corinth, Greece) is planning a $334 million project to modernize their 100,000 barrels per day Corinth refinery to comply with European Union Specifications for 50-ppm sulfur content in diesel fuels. The company began construction on the project in November of 2003. Technip Italy (Roma, Lazio) is providing engineering, procurement, and construction services for the project and the modernization of the plant is expected to complete by mid 2005.

The company is planning to install new process units, such as a Mild Hydrocracker (PEC 80000031), Sulfur Recovery Unit (PEC 80000032), Hydrogen plant (PEC 80000034), and a Gas Oil Hydrotreater (PEC 80000035). In addition, the company is planning to revamp a Diesel Hydrotreater (PEC 80000036) and a Crude & Vacuum Unit (PEC 80000037). The company has chosen Axens technology for the Hydrocracker and Gas Oil Hydrotreater. Technip is providing the technology for the Sulfur Recovery Unit.

In 1970, Motor Oil Hellas was founded and became operational in 1972. The company started operations by focusing on base lubes production and blending, and later expanded to fuels production. The company now has four main fuels production facilities, which are: gasoline, jet & diesel production, FCC Production, and Base Lube.