ASHGABAT Nov 16 South Korea's Hyundai
Engineering Co is implementing a $534 million
modernisation project at Turkmenistan's largest oil refinery in
the west of the country, the head of the company's local unit
said on Friday.
The overhaul at the Turkmenbashi refinery at the Caspian Sea
was launched in May this year and will be completed in May 2015,
Song Dong Joon told an energy conference in the Turkmen capital.
He did not name the source of the funding of the project.
The Turkmenbashi plant is one of Turkmenistan's two oil
refineries, which jointly process most of the country's annual
crude output of 10-11 million tonnes (about 220,000 barrels per
Turkmenbashi's annual capacity is estimated at around 6
Precise official oil and gas data, as well as its
macroeconomic indicators, are rarely published in the secretive
Central Asian nation of 5.5 million, which is better known for
its huge natural gas reserves, the world's fourth largest.
Turkmenistan has set an ambitious target to build three new
refineries and boost the capacity at its two existing ones by
2030 to increase oil refining threefold to 30 million tonnes.
It also plans to boost crude output nearly sixfold to around
67 million tonnes by the same date.
(Reporting by Marat Gurt; writing by Dmitry Solovyov; editing
by James Jukwey)