GALP ENERGIA is to invest one billion euros in the construction of a new oil refinery at Sines.
The company will be increase its refined oil production by two million tonnes per annum while creating 300 new jobs. According to the executive president of Galp, José Marques Gonçalves, the new refinery will meet national market fuel needs by 2010, and Portugal will be able to reduce the amount of imported refined oil, saving 1.2 billion euros a year.
The refinery will increase Galp’s petrol production by 44 per cent or two million tonnes more than the 4.5 million tonnes currently produced by Galp Energia. “This isn’t just about producing more petrol, which as is known, the country is very dependent, with the new, more sophisticated technology this refinery represents, we’ll be able to process heavier, rawer grades of crude oil at a cheaper price,” he said.
The new refinery will be built on land alongside the current refinery at Sines and will cover a 30 hectare area. Work will begin in 2007 and will employ 2,000 in the construction phase of the project. The refinery should be up and running by 2010.
The new refinery will be more environmentally friendly that previous installations, emitting around 1.8 million tonnes of CO2 per year – levels which have been built into the National Emissions Plan.