dallas.bizjournals.com
Dallas Business Journal - 12:53 PM CST Monday
Holly Corp. plans to spend $225 million on refinery upgrades at its Navajo, N.M., and Woods Cross, Utah, refineries.
The company plans to spend about $125 million to install a new 15,000-barrels-per-day hydrocracker and a new 28-million-cubic-foot hydrogen plant in New Mexico. The Dallas-based petroleum refiner and marketer expects the projects to increase the refinery's capacity to process outside feedstocks, and increase yields of high valued products.
The improvements also will allow the refinery to meet Environmental Protection Agency's new low sulfur gasoline specifications, Holly Corp. (NYSE:HOC) said in a statement Monday.
The hydrocracker, which breaks down hydrocarbons, and the hydrogen plant, along with an additional crude oil expansion and flexibility project under study, are expected to cost $250 million to $275 million, including the $125 million that already has been approved. The company's board will make a final decision in January, when it receives final bids, on whether to proceed now with the additional crude oil expansion and flexibility project.
At the Woods Cross refinery in Utah, Holly will spend about $100 million to add a new 15,000 barrels-per-day hydrocracker and sulfur recovery and desalting equipment. The upgrades will expand the refinery's crude processing capabilities to 31,000 barrels per day from 26,000, while allowing the refinery to process up to 10,000 barrels per day of high-value, low-priced black wax crude oil and up to 5,000 barrels per day of low-priced, heavy Canadian crude oils.
Holly Corp. expects to complete the two projects during the third quarter of 2008.
Web site: www.hollycorp.com |
