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Global service, construction and management group DuTemp has registered EDC Corporation in Panama to advance development of a US$6bn refinery, DuTemp CEO Farid Seif told BNamericas.
DuTemp has a 50% stake in EDC, Colombian firm Ecosel 45% and European group Controlsud 5%, the latter of which is the Ecosel's financier to provide US$3bn. DuTemp will put up the project's other half of financing and Ecosel the feedstock.
The refinery will have the capacity to process 250,000b/d of heavy crude or simultaneously take 33,000Mt/d of coal, Seif said. The refinery will use gasification through plasma arc reactor and catalyst conversion technologies.
Primary production will be pure synthetic gas, which will be running through two types of catalysts: an Fe (iron) catalyst to produce methanol or gasoline with a higher octane rate of 107-125, which other refineries will use to blend into their production.
The cobalt catalyst also will be used to produce pure diesel with 0% sulfur as well as naphtha and jet fuel, he said.
Studies and the banking component will be completed within the next 6-8 months and commercial operations will begin 30-36 months after the first funding date, said the executive.
"We are not competing with any refinery. Our refined products will be used by other refineries," said Seif.
"Our market is not Panama or Central or South America, although any refinery in these regions is more than welcome to buy our products. Our production will be shipped to a target area that includes California, Phoenix and New Mexico, and possibly Texas and New York."
To read the entire interview with Seif, see this week's Perspectives to be sent to subscribers on Friday.