OMV Petrom has invested $63.4 million to build a new innovative fuel conversion facility at the Petrobrazi refinery.

The facility is based on technology developed by French firm Axens.

The new unit will convert liquefied petroleum gas components into gasoline and middle distillates. Construction begins this year, and the site should be fully operational by the beginning of 2019.

"The implementation of the polyfuels project, which uses innovative technologies to increase gasoline and diesel production, will give us a competitive advantage through increased output of high value products and a more flexible production structure," Neil Anthony Morgan, OMV Petrom's board member in charge of downstream oil products, said in a company press release..