Registration was successful!
Please follow the link from the email sent to

Russia's Northwest Oil Group aims to build refinery in Jordan

MOSCOW, August 22 (RIA Novosti) - Northwest Oil Group, an oil and gas production and transportation company in Russia, said Wednesday it intended to bid in a tender to upgrade or rebuild an oil refinery in Jordan.

"The oil refinery that Jordan now has was built a long time ago. Naturally, it has become outdated, and therefore the country's authorities have decided either to build a new refinery or modernize the old one," said Ernest Malyshev, the company's CEO.

Malyshev said Jordanian authorities would soon announce a tender for to either build a new refinery or to upgrade the existing one, and that Northwest Oil Group, established in 2004 in St. Petersburg and with a current market capitalization of around $250 million, would participate in it.

"The amount of funds we preliminarily plan to invest in the Jordan project is about $850 million, but this sum will be invested in the case of the refinery's modernization. Its capacity would remain the same - 500,000 metric tons [3.67 million barrels] of oil per year," the chief executive said.

Malyshev said the existing refinery's capacity was a small volume for the Mideast state, home to around six million, and the company believed it would be better to build a new facility rather than modernize the old one. If Jordanian authorities agree to this, the amount of investment will depend on the refining volume, he said.

To participate in the discussion
log in or register
Заголовок открываемого материала