Uchenna Izundu
International Editor
LONDON, Aug. 19 -- CityView Corp. Ltd., Perth, plans to purchase a 50,000 b/sd refinery and relocate it on Africa's west coast by first-quarter 2010.
The company will borrow most of the $320 million needed to finance the purchase and relocation. The refinery will produce 1,550 b/sd of LPG, 3,784 b/sd of naphtha, 17,370 b/sd of gasoline, 13,964 b/sd of kerosine and diesel, 4,560 b/sd of asphalt, and 8,772 b/sd of fuel oil.
Financing is being negotiated, "the details of which will be announced later," Cityview said.
The refinery's future location has yet to be decided; the company has operations in Cameroon and Angola. The refinery will be transported in modular form from the US, where it is undergoing refurbishment. Some minor modifications will be required to enable the refinery to treat West African oil feedstock.
The project timetable depends on relevant final governmental approvals and the state of available facilities such as power and water needed to run the refinery and a suitable port nearby.
Contact Uchenna Izundu at [email protected].
