Coming into force of the contract for the design and construction of a GTL (Gas-To-Liquid) complex in Qatar
Technip-Coflexip (NYSE: TKP and Euronext: 13170) today announces that the contract signed on January 30, 2003, with Oryx GTL Limited for the design and construction of a GTL (Gas-To-Liquids) complex in Qatar has come into force.
Oryx GTL Limited is a joint venture between Qatar Petroleum and Sasol of South Africa.
Under the terms of this contract, worth about US $675 million, Technip-Coflexip will carry out the engineering, procurement and construction of a GTL complex in Ras Laffan Industrial City, Qatar. This complex will use as feedstock approximately 330 million cubic feet per day of lean gas from the North Field to produce 34,000 barrels per day of liquids (24,000 bl/day of diesel, 9,000 bl/day of liquefied petroleum gas “LPG”). It will be based on the Slurry Phase Distillate process developed and commercialised in South Africa by Sasol.
Production of GTL is slated to begin late 2005.
This GTL complex will be the world’s largest and most technologically advanced. This will be also the first GTL project to be set up in the Middle East.
For Technip-Coflexip, this contract, won against high-level international competitors, represents a major breakthrough on the emerging market of GTL facilities for which several large scale projects will be developed in the near future in the Middle East and Africa. This is also a major step in Technip-Coflexip’s close collaboration in the industrial development of Qatar and further proof of its international leadership in the design and construction of gas facilities.
For further information, please refer to our press release dated January 30, 2003 within on our web site “www.technip-coflexip.com”.
With a workforce of about 19,000, Technip-Coflexip ranks among the top five in the field of oil, gas and petrochemical engineering, construction and services. Headquartered in Paris, the Group is listed in New York (NYSE: TKP) and in Paris (Euronext: 13170). The main engineering and business centers of Technip-Coflexip are located in France, Italy, Germany, the UK, Norway, Finland, the Netherlands, the United States, Brazil, Abu-Dhabi, China, India, Malaysia and Australia. The Group has high-quality industrial and construction facilities in France, Brazil, the UK, the USA, and Finland as well as a world class fleet of offshore construction vessels.
Statements in this news release other than historical financial information are forward-looking statements subject to risks and uncertainties. Actual results could differ materially depending on factors such as capital expenditures in the oil and gas industry, the timing of development of offshore energy resources, materialization of construction risks, the strength of competition, interest rate movements and stability in developing countries.
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