SONHOE Development Co. has appointed Wood Mackenzie as independent consultants to investors and lenders for its Heavy Oil Upgrading Project on Teesside.
In this role, Wood Mackenzie will provide an independent opinion of the technical and commercial aspects of the project, together with an assessment of its competitive position within the peer group of European refineries and the refining super-sites currently under development in the Middle East.
SONHOE recently announced plans to build a GBP2 billion specialist oil refinery, an upgrader, in the Tees Valley in the North East of England. The new facility has been designed to process 200,000 barrels a day of heavy crude oil into high quality, low-sulfur diesel, petrochemical feedstock naphtha and kerosene for use in the UK or for export. The plant will also produce large quantities of hydrogen for its own use, plus a surplus for other purposes, and synthesis gas that it will use to generate its own power and steam via a high-efficiency combined cycle heat and power plant.
Mike Wilcox, Head of Downstream Oil Consulting at Wood Mackenzie said: "We are delighted to have been selected for this project and look forward to providing our unique market insights, knowledge and expertise to support the investors and lenders associated with this development to understand its opportunity and risk profile--we believe we are very well placed to perform this role."
Howard Simons, Technical Director of SONHOE said: "Wood Mackenzie has an outstanding global reputation for its skills and capabilities in both the Upstream and Downstream areas of the oil industry and we look forward to and value their role in supporting the investors and lenders to this Project."
Wood Mackenzie has been providing its unique range of research products and consulting services to the Energy and Life Sciences industries for over 30 years. With its foundation in quality analysis, detailed industry understanding and wealth of experience, Wood Mackenzie is able to offer clients a unique skill combination that sets the company apart from other solution providers. Wood Mackenzie's provides forward-looking commercial insight that enables clients to make better business decisions.