EPC contract award for a large-scale petrochemical complex in China
Technip-Coflexip (NYSE: TKP and Euronext: 13170), in association with Chiyoda Corporation and Mitsubishi Corporation of Japan, has been awarded by CNOOC and Shell Petrochemicals Company Ltd (CSPC), a contract for the engineering, procurement and construction of a SM/PO and MPG/Polyols complex at Huizhou, Guandong Province, in the South of China.
This world scale complex will produce 560,000 tons/year of styrene monomer (SM), 250,000 tons/year of propylene oxide (PO), 135,000 tons/year of polyols, 60,000 tons/year of mono-propylene glycol (MPG) and 320,000 tons/year of mono-ethylene glycol.
This project is a part of CSPC's Nanhai Petrochemical Project, which is one of the largest Sino-foreign joint venture projects in China.
Engineering for the whole project will be executed in Kuala Lumpur (Technip Malaysia) and in Shanghai (Technip Tianchen).
The plants are expected to be on stream by the end of 2005.
Technip-Coflexip has been working in China for 30 years, particularly in the petrochemical, fertilizers and chemical sectors. Altogether Technip-Coflexip designed and built about 100 units on 50 different industrial sites including a gigantic petrochemical complex in LiaoYang (22 process units) and a wide range of individual units of ethylene, propylene, aromatics, intermediate products, polymers, ammonia, urea and fertilizers. Technip-Coflexip is present in China through its affiliate Technip Tianchen, an engineering and construction firm created in 1997 in partnership with a Chinese chemical engineering company. Technip Tianchen is based in Tianchen and Shanghai.
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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