Project Overview

COMPANY wishes to develop a pre-FEED for the new 140,000 BPSD Alfruqlus Refinery, located near the town of Alfruqlus in Syria, in order to supply the required petroleum products, and in particular EURO V Quality Diesel, to satisfy the growing Syrian domestic demand. 

The Refinery is thought to be designed and built in two phases where Phase 1 of the refinery, scope of this pre-FEED work, will process 70,000 BPSD of a blend of Syrian crude oil as follows:

 Syrian Light Crude         46.7% Vol

Syrian Heavy Crude       53.3% Vol 

At the end of Phase 2 the refinery will be able to process 140,000 BPSD of the following blend:

 Syrian Light Crude         25.0% Vol

Syrian Heavy Crude       75.0% Vol


Main Assumption

The main assumptions of the financial analysis are briefly described in the following table. More details are discussed in sections 4 and 5.

Item

Quantity

Starting Year

2018

Construction Period

3 Years

Production Start-up Year

2021

Financial Analysis Period

20 Years

CAPEX Spending Profile

25% - 40% - 35%

Operating Rate

90% (1st year) – 100% (for the rest)

Average Global Inflation

2%

No. of Operating Days

345

Discount Rate

10%

Depreciation

20 Years

Taxation

5 Year Exemption, 3 Year 10% , 15% for the rest

Total Investment Cost

1,202,946,191 USD

Debt/Equity Ratio

65/35

 Interest During Construction

7%

 Long term Interest Rate

7%

 Number of Repayments

10 (in 10 Years)

 Grace Period

1 Year