First GTL contract for Technip-Coflexip
The Petroleum Oil and Gas Corporation of South Africa (Pty) Ltd (Petro SA) - a merger between Mossgas and other State petroleum assets - on behalf of a joint venture between Mossgas and Statoil, has awarded Technip-Coflexip (NYSE: TKP and Euronext: 13170) an engineering and services contract for the implementation of a semi-commercial unit based on Statoil's low temperature Fischer Tropsch technology.
The plant, with a nominal capacity of 1,000 barrels/day, will be based at Mossel Bay in the Republic of South Africa. The expected start-up date is end of 2003.
Under the terms of this contract, Technip-Coflexip will carry out detail engineering as well as procurement services and supervision of construction.
This project will be performed by the engineering center of Technip-Coflexip based in Rome, in association with Technip-Coflexip's new affiliate to be created in South Africa with a local partner.
This contract is the first breakthrough of Technip-Coflexip on the emerging market of gas-to-liquids (GTL) facilities for which several large-scale projects are currently being developed. GTL facilities are designed to produce high quality liquid hydrocarbons from gas. The liquid hydrocarbons can be easily transported from the gas producing countries and they meet the needs of the refiners to satisfy new environmental standards.
With a workforce of about 18,000 and annual revenues of about 5 billion euros, 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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