MAN OIL GROUP AG
Man Oil Group AG signs agreement with TNK-BP for implementation of innovative oil-sludge treatment technology in Ukraine
MAN OIL GROUP AG / Key word(s): Contract
Man Oil Group AG signs agreement with TNK-BP for implementation of innovative oil-sludge treatment technology in Ukraine
Zug, Switzerland, 01 August 2011 – The President of Man Oil Group AG, Genadi Man, signed a contract with TNK-BP's subsidiary in the Ukraine. Man Oil Group AG has been recognized as the best company in the tendering procedure held by CHAO LINIK (100% subsidiary of TNK-BP) for provision of services for extraction, treatment of oil sludge and waste management at the Lisichansk Refinery in the Ukraine. The 1st project stage value is more than USD 9 mln. The Lisichansk refinery is the main asset of TNK-BP's international holding in Ukraine. The plant can process about 8 million tons of crude oil annually. At present there is an accumulated amount of about 150,000 m3 of oil waste onsite. The first task for Man Oil Group is to work on an oil-sludge reservoir of 60,000 tons. Genadi Man, President of Man Oil Group AG, states: 'I assess our victory in the TNK-BP tender as a flagship project in oil industry for the entire post-Soviet territory. The criteria for evaluating our technology clearly reflect modern responsible approach of business to waste management, and this, in turn, suggests a change in the manufacturer's thinking. The major issue of solving the problem is not the price any more, but rather a whole range of other important factors: the quality of work, the reputation of the contractor, compliance with environmental standards, the advanced technology and the latest generation of equipment.
Lisichansk refinery is one of the most advanced in Ukraine. It was the first refinery in the country which started production of diesel fuel of Euro-4 standard. The plant is the only Ukrainian producer of polypropylene. According to the development plan approved by TNK-BP in early 2011 oil production will increase by 1.3% (715 million barrels) per year, as well as the capital investment will grow by 15% to $ 4.6 billion. Key directions for development are: improving energy efficiency, reduction of production costs and process losses, increase of the depth of processing and full compliance with international standards of environmental safety ISO 14 000.
About Man Oil Group AG Additional information is available at www.manoilgroup.com
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