Coming into force of the contract for a diesel hydrotreating plant in Turkmenistan
The contract signed on January 15, 2002 between Technip-Coflexip (NYSE:TKP and Euronext: 13170) and the state-owned Turkmen oil and gas company Turkmenneftegas, for the design and construction of a diesel hydrotreating plant in the refinery of Turkmenbashi, just came into force.
The financing of this lump sum turnkey contract, worth about 130 million euros, has been arranged and secured through a multi-source financing scheme based on export credit facilities.
The hydrotreating plant will be built on the site of the Turkmenbashi refinery, located on the Caspian Sea. It will produce 1,500,000 tons per year of hydrotreated diesel with less than 10 ppm of sulphur and will mainly include a hydrotreating unit, a sulphur recovery unit based on Technip-Coflexip’s proprietary technology as well as associated utilities, storage tanks and control systems.
The engineering centre of Technip-Coflexip in Düsseldorf will carry out the engineering, procurement, construction and start-up of the plant within 33 months.
Within the framework of the expansion and upgrading program of the Turkmenbashi refinery, Technip-Coflexip has successfully completed the design and construction of a 1.8 million-ton-a-year catalytic cracker and a lube oils plant which both started-up in 2001. Altogether these three projects represent over 500 million euros .
With a workforce of about 18,000, Technip-Coflexip ranks among the top five in the field of oil 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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