Galychyna Refinery To Begin Modernization Process In 2007.
4 October 2008
The Galychyna Refinery (HANZ) has announced plans to pick a company to modernize the company’s production process by 2007. HANZ’s management plans to upgrade different sections of the company separately including the construction of a 35 KW power generator and four oil reservoirs capable of holding between 5-10 ths tons of oil. The company also plans to upgrade the depth of its oil refining capabilities to 95% by 2011. HANZ’s current modernization plans will require about $300-380m in investments. The Shell Exploration Company, part of Shell Oil, has offered to invest $640m for the refinery’s overhaul. The Galychyna Refinery is Ukraine’s oldest refinery and is controlled by Privat Group.
