MAZEIKIAI—Mazeikiu Nafta launched a new phase of its modernization program with a groundbreaking ceremony at the construction site of a new PENEX isomerization unit. Together with the construction of the PENEX unit, this phase of the modernization program includes construction of a gasoline blending station and additional crude oil storage facilities at the refinery.
Schneider noted that Mazeikiu Nafta has been working intensely on the PENEX project for over a year and has completed almost forty percent of the engineering work needed for the unit and sixteen percent of preparation work including design and equipment procurement. “Construction of the PENEX unit will cost approximately $50 million. We hope to be able to complete construction next summer,” he said.
Mazeikiu Nafta plans to invest up to $400 million in various modernization works over the next five years.
Date: June 19, 2002
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