Contract awarded for an aluminium smelter in South Africa
Technip-Coflexip (NYSE: TKP and Euronext: 13170), in a 50/50 joint venture with Bateman group, has been awarded, by Pechiney, a General Construction and Management contract valued at 600 million US Dollars for the construction of an aluminium smelter in the Republic of South Africa.
This plant will be located at Coega, an industrial zone and harbor situated near Port Elisabeth, Eastern Cape Province, and will produce approximately 460,000 tons per year of primary aluminium. The total cost of investment for the project is estimated at 1.6 billion US dollars.
The new smelter will use Pechiney's latest AP50 technology which allows lower capital expenditure, shorter construction time, fewer emissions and more productivity than earlier generations of primary aluminium smelters.
Within the framework of this major project, Technip-Coflexip and Bateman will be in charge of the plant construction including detail engineering as well as supply of equipment and materials. Bechtel will bring their technical support to the project.
The Industry Branch of Technip-Coflexip based in Paris will carry out the project in partnership with Bateman Projects Limited, the Johannesburg-based subsidiary of Bateman.
Construction will start as soon as financing is completed, which today is planned in the first half of 2004. Full production of the aluminium smelter will be reached in 2006.
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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