July 29 (SeeNews) - Romania's Rompetrol Rafinare [BSE:RRC] said on Monday it is investing over $1.9 million (1.7 million euro) in the upgrade of the steam plant of Vega oil refinery in Ploiesti, aiming to increase the refinery's energy efficiency and reduce its environmental impact.
"The objectives of this project are mainly to improve the energy efficiency of the refinery by increasing the yield from 91% currently, to about 96%, and reducing the emissions resulting from the steam production process, in accordance with the provisions of the integrated environmental permit and the legislation in force," Rompetrol Rafinare said in a bourse filing.
The project envisages the installation of a new steam boiler and other upgrades.
Rompetrol Rafinare intends to invest $8.8 million in Vega Ploiesti this year, of which $4.2 million in projects optimizing and automating raw material supply, storage and production of petroleum products.
An additional $10 million will be allocated for compliance projects with a direct impact on reducing the refinery's footprint on neighborhoods and the environment, Rompetrol Rafinare said.
Currently, Rompetrol Rafinare operates Petromidia Navodari – the largest refinery in Romania, and Vega Ploiesti – the oldest working refinery. Vega is the only Romanian producer of bitumen and hexane and its petrochemical division is the sole producer of polymers.
Rompetrol Rafinare is majority owned by KMG International, which holds a 54.63% stake. Romania's energy ministry owns 44.69% interest in Rompetrol Rafinare.
($ = 0.8994 euro)
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