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The EBRD has issued a $150 million eight-year (inclusive of three-year grace period) unsecured loan to oil refiner Turkiye Petrol Rafinerileri (Tupras) to finance an energy efficiency programme - the largest in the Turkish industrial sector to date.
Proceeds will part fund a $232 million modernisation programme at Tupras’ refineries in Izmir and Kirikkale between 2016 and 2018. Tupras is financing the remainder of the project.
The upgrades include a new on-site thermal power plant, a waste heat recovery system, stack gas treatment, a fluid catalytic cracking unit and hydrocracker unit refurbishments. The improvements will lower CO2 emissions by 270,000 tonnes per year and reduce water consumption by 120 million cubic metres.
Tecnicas Reunidas Group has been appointed as the turnkey EPC contractor.