TDA to help fund Azneftyag refinery overhaul study under new agreement

Aug 20, 1999 02:00 AM

During his visit to Baku mid-August, U.S. Energy Secretary Bill Richardson signed an agreement on funding for an oil refinery overhaul project.
The agreement -- also signed by Azerbaijani Prime Minister Artur Rasizade and Joseph Grandmaison, director of the U.S. Trade and Development Agency (TDA) -- states that the U.S. government will help fund a $ 1.127 million feasibility study for modernisation of the Azneftyag refinery in Baku.
The funding will come in the form of a $ 500,000 grant from TDA. The study will be conducted by Merichem Chemicals and Refinery Services LLC, which will contribute the remaining $ 627,000.
The Houston-based company's feasibility study will cover environmental safety measures as well as plans to improve jet fuel and diesel production and recovery of usable by-products. Grandmaison announced in June of this year, during another trip to Baku, that TDA would help fund the refinery modernisation project.

Source: NewsBase
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