TALARA, Peru Ė The modernization of Peruvian state oil company Petroperuís Talara refinery is 60 percent completed and will have the capacity to process 95,000 barrels of crude per day starting in 2021, most of which will need to be imported from Ecuador or Colombia.
The megaproject in Talara, a desert district of the Piura region that is about 1,200 kilometers (745 miles) north of Lima, is being carried out with $5.4 billion in financing, including the provision of loan guarantees totaling $1.25 billion from the Spanish Export Credit Agency (CESCE).
Spanish engineering company Tecnicas Reunidas is in charge of executing the engineering, procurement and construction of the crude processing units.
Petroperu CEO Cesar Ramirez said during a guided visit to the new plant that the 30,000 barrels of oil produced daily in Peru would continue to supply the refinery once the modernization program is completed.
But he added that the remaining 65,000 barrels of heavy crude would have to be imported from regional neighbors Colombia and Ecuador.
Petroperu refining manager Jorge Almestar said that starting in 2021 the refinery would have a positive impact on the nationís trade balance of roughly $3.4 billion annually.
The modernization of this 140-hectare (345-acre) plant will include the expansion and modification of existing process units, including the primary distillation unit, which separates various components from crude oil.
The project will significantly boost Talaraís refining capacity, which had been 62,000 barrels per day.