Austrian oil and gas company OMV will invest €110 million in the Schwechat refinery near Vienna for a planned turnaround, the company announced Tuesday.
According to OMV, the turnaround of the Schwechat refinery petrochemicals units will start in mid-April.
In the course of the renewal, OMV will invest around €110 million in the Schwechat site.
"The facilities will shut down as planned. There will be a comprehensive, routine safety inspection, carried out in cooperation with TUV Osterreich. This turnaround is mandatory and is held once every six years," the company's statement read.
The 2017 turnaround will take place in parallel with one taking place at the neighboring Borealis plant, according to the press release.
The Schwechat refinery supplies the monomers for Borealis' plastics manufacturing. The coordinated inspections at Borealis and OMV are required for the efficient production planning of both parties in light of the integration of their operations, the press release detailed.
The company claimed in the press release that, the turnaround will not only involve maintenance work and safety inspections, but will also see a range of projects implemented in various operation areas.
"OMV is thereby making a key contribution to operational safety and with it the long-term security of the site," the press release said.
OMV produces and markets oil and gas, as well as innovative energy and high-end petrochemical solutions. In 2016, its group sales amounted to €19 billion with a workforce of around 22,500 employees
By Muhsin Baris Tiryakioglu