Galp invests over 1 billion euros in Sines and creates 300 new jobs

11 May 2006

Lisbon, Portugal, 11 May – Portuguese company Galp Energia plans to invest over 1 billion euros in building a new oil refinery, which will increase diesel production capacity by 2 million tons and provide jobs to 300 people, the company said.

the new refinery will make it possible to cover Portugal’s diesel requirements in 2010, reducing imports and provide a positive impact of 1.2 billion euros on the country’s balance of trade, said the chief executive of Galp, José Marques Gonçalves, in a press conference.

The new refinery will be built on land adjacent to Galp’s current refinery in Sines, over a total area of 30 hectares, the use of which must still be negotiated between the Cines City Hall and API Parques.

The unit will also imply a capacity increase of the co-generation power plant to be built at the current refinery by 70 additional megawatts, giving it a total of 150 megawatts (MW).

Construction work on the new unit is expected to go ahead in the last quarter of 2007 and will create 2,000 jobs until the first quarter of 2010, when the unit will begin operating.

In terms of direct employment, Galp expects to hire 150 people and estimates that a further 150 jobs will be created by companies hired for specialist industrial maintenance work. (macauhub)