Somerset, KY (PRWEB) February 04, 2013
Continental Refining Company, U.S. Refinery #5113, announces the completion of the turn-around and successful startup of its Somerset, KY crude oil motor fuels refinery. Following a thorough overhaul in 2012, the 80-year-old plant is now fully operational, processing crude oil and producing high quality finished fuel products. It is one of only 150 refineries in the United States. Ample supply for crude oil refining is through contracts with Sunoco Partners Marketing & Terminals LP and Regal Fuels.
The detailed turn-around plan was developed by the management team and carried out by highly skilled and experienced regionally based contractors familiar with such undertakings. In addition to bringing in expert management that was connected to the region, key plant updates included, a completely new flare system and various other improvements to ensure the safe and consistent production of high value products. The replacement value of the facility is in excess of $70 million with $10 million slated for increased throughput and conversion projects for the next two years and up to $60 million over the next five years.
Demetrios Haseotes, CEO and President of Continental Refining Company states, “The credit for this turn-around goes 100% to the employees, suppliers and supporters of Continental Refining Company. We will deliver refining excellence for years to come.”
Consistent with the business plan, the plant is projected to be running at full capacity of 5,500 bpd in six months. Priorities for the next six months include increasing efficiency and conversion by reducing bottlenecks, expanding crude oil supply from regional producers and hiring more employees to support expanding capacity. In preparation for regulatory compliance, CRC is designing and installing a benzene stripping operation by 2015 while also evaluating an additional hydrotreater and Hydrocracker. The company is taking an aggressive approach towards upgrading the facility to run heavier feedstocks and achieve a 90% high value finished product conversion which will be achieved by further processing of entire barrel. The company intends to leverage its primary refining assets to find a partner for additional NGL processing.
Haseotes summarizes, “Today’s announcement marks an important new starting point for this Midwest asset and signals the national potential for reinvigorating our energy assets, boosting domestic energy independence and most importantly, creating American jobs. Through the remarkable melding of men, mind and machine Continental Refining Company is ready to meet its future.”
About Continental Refining Company:
Continental Refining Company, U.S. Refinery #5113, is a wholly owned crude oil refinery located on 93 acres in Somerset, KY along with 15 modern tanker trailers for regional transportation. Purchased in December 2011, the company supports local crude oil producers with a dramatic decrease in transportation costs along with favorable crude rates and rapid payment cycles. The refinery added 34 jobs in Somerset, KY with an estimated 200 indirect jobs to be created in the region. There will be $60 million in upgrades over the next five years.