press release

Chevron Press Release - Sidanco Selects Chevron ISOCRACKING Technology For Modernization

SAN FRANCISCO, Feb. 27, 1997 -- Russian oil company Sidanco has announced the selection of Chevron's ISOCRACKING technology for use in its largest and most advanced refinery in Angarsk, Russia. The Angarsk Hydrocracker Project was awarded by Sidanco to the alliance of Chevron Products Co. and ABB Lummus Global, who jointly market Chevron's ISOCRACKING technology worldwide.

The project includes the installation of a new two million metric tons per annum (MTA) hydrocracker and other associated units to convert heavy vacuum gas oil and other heavy oil fractions into high quality gasoline, diesel and jet fuel. The project will give a significant environmental benefit to the region by removing 60,000 MTA of sulfur and nitrogen from the oil and converting these pollutants into marketable products. The first phase of the new hydrocracker unit will provide one million MTA of hydrocracking capacity and is expected to be operational by the year 2001.

Financing for the project was developed by ABB Project & Trade Finance and includes loans totaling $160 million (U.S.) under the U.S. Exim Bank's Oil and Gas Framework Agreement (OGFA) program.

Angarsk is the second hydrocracking technology award in Russia for the Chevron/Lummus alliance after receiving an award in 1994 for Surgutneftegas' Hydrocracker Project at the Kirishi Refinery near St. Petersburg. The Chevron/Lummus alliance jointly markets a full range of refining technologies in Russia at all major refining sites. Worldwide, during the last three years, the alliance has placed its hydrocracking technology in the vast majority of new projects, based on its superior designs in combination with the perfomance of its proprietary catalyst systems.

The global lubricants and technology marketing division of Chevron Products Co., a subsidiary of Chevron Corp., headquartered in San Francisco, licenses refining process technologies and markets catalyst, base oils, finished lubricants and fuel additives worldwide.

ABB Lummus Global, an international engineering and construction company, provides a wide range of technologies and services to the chemical, petrochemical, petroleum refining, oil and gas, and power industries. ABB Lummus Global is part of ABB's worldwide oil, gas and petrochemical business activities, headquartered in Norway, which employs approximately 8,000 people. The ABB Group of Zurich, Switzerland, employs approximately 217,000 people with orders in 1995 of over $36 billion (U.S.).

Updated: February 1997