ABB to modernize Russian refinery AFB Lummus Global Managing Project.
ABB Lummus Global, of Bloomfield, N.J., will provide the management, administration and procurement services for the utilization of the loan funds. It has supplied technology, engineering, and equipment for the core units in this project, and will play a key role in implementing the program supported by this loan.
The refinery modernization program was defined in a master plan prepared by ABB Lummus Global and LUKoil-Perm, with partial funding provided under a grant from the U.S. Trade and Development Agency. The modernization will employ U.S. process technologies to produce higher value, refined oil products that meet international environmental standards and reduce emissions from the refinery to the air and water.
ABB Project & Trade Finance USA (ABB PTF), acting as financial advisor to LUKoil-Perm, arranged the financing agreement to support the project. Export Finance AG (EFAG), ABB PTF's captive Swiss banking arm is a member of the lending consortium. Eximbank is committed to underwrite the U.S. services and supplies necessary for the project. The loan was granted under the 1993 Oil and Gas Framework Agreement (OGFA) between Eximbank and the Russian Federation. The OGFA program was formed to aid in the enhancement of the Russian oil and gas industry, while providing for the supply of U.S. originated goods and services.
LUKoil-Perm reports that after modernization the refinery will produce more than one million MTA of low aromatics (below 10 percent) diesel fuel, the yield will increase from 71 percent to 87 percent (excluding fuel oil), and sulfur dioxide emissions will be reduced by 30 percent.
ABB Lummus Global is an international engineering and construction company with a significant presence in the former Soviet Union and Eastern Europe.
ABB (Asea Brown Boveri) Inc., based in Norwalk, Conn., provides products and services for power generation, transmission and distribution; industrial processes, and transportation. The company and its affiliates have annual U.S. revenues of approximately $5.6 billion. Their parent, ABB Asea Brown Boveri Ltd., employs approximately 208,000 people and had orders in 1994 of $32 billion.
Note stock symbols of Asea and Brown Boveri: NASDAQ:ASEAY and OTC:BBCBY
CONTACT: Karen Armour, 203-750-2217 (office)
or 203-655-9461 (residence)
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|Date:||Dec 13, 1995|
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