New contract award for syngas plant in China
Technip-Coflexip (NYSE: TKP and Euronext: 13170) has been awarded a contract by the BASF-YPC joint venture for a Syngas Plant to be located in Nanjing, PRC.
The investment is valued at about 60 million €.
The syngas plant will produce oxo-syngas, carbon monoxide and hydrogen, with steam as by-product. The products from the syngas plant will be used as feedstocks for various downstream consumers in the complex.
The work will be carried out by Technip-Coflexip's engineering centers in The Netherlands and in China. The syngas plant will be ready for production in November 2004.
Technip-Coflexip is the recognized market leader in the design, engineering and construction of world class on-purpose hydrogen and syngas production units. With this award, this position has been further strengthened.
BASF-YPC Company Limited is a 50/50 joint venture between the German world's leading chemical company BASF and SINOPEC (China Petrochemical Corporation) with a total investment amounting to USD 2.9 billion, and is to build and operate a world scale integrated petrochemical site in Nanjing. The integrated site is expected to be fully functional in 2005. The project, which includes a 600,000 metric tons per year steam-cracker and 9 downstream plants, is among the largest Sino-foreign petrochemical enterprises in China.
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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