PetroNeft: Successful Testing of Mini Oil Refinery

Due to the oil price drop associated with the Covid outbreak, the project was paused in March to reduce costs and Covid exposure from subcontractors. Once the market outlook started to improve in June, the Company was able to continue the work using its own personnel.

Following successful testing of the refinery unit, the next stage is to receive final regulatory sanction, a process that can only start once the plant has been tested. Certification is expected to be in place during Q1 2021

David Sturt, CEO PetroNeft commented:

“This is a major success for the company. The project will not only significantly reduce operating costs per barrel but also open up a new value – added revenue stream for excess product.

We are particularly pleased by the fact that, in spite of delay caused by external factors, and the ongoing disruption caused by Covid, our team was able to complete the project without relying on outside contractors, which is  a testament to their innovation,  commitment and determination”.