Technip-Coflexip: new contract award for a chemical plant in China
Technip-Coflexip (NYSE:TKP and Euronext: 13170) has been awarded a lump sum contract by BASF to build a new integrated production facility for polytetrahydrofuran (PolyTHF®) and tetrahydrofuran (THF) in the newly developed Shanghai Chemical Industry Park (SCIP) at Caojing, Shanghai, China.
Technip-Coflexip’s scope of work covers engineering, procurement services and construction management services. Engineering and procurement will be performed in Technip-Coflexip’s engineering centers in Kuala Lumpur and Shanghai.
This project is a wholly-owned investment of BASF and will utilize BASF’s newly developed proprietary technology to convert butane directly to THF and subsequently to PolyTHF®. With an annual capacity of 60,000 metric tons of PolyTHF® and 80,000 metric tons of THF, it will be the largest PolyTHF® production facility worldwide and will supply the rapidly developing Chinese spandex (synthetic elastic) fibers market.
BASF is currently the only producer of PolyTHF® and THF with production sites in all major regions of the world. One major application field of PolyTHF® is the manufacture of elastic fibers, which are widely used in textiles such as sports and outer wear. THF is a precursor for PolyTHF® and is also used as a specialty solvent.
The plants are scheduled for completion in the second half of 2004.
Technip-Coflexip has been working in China for 30 years, particularly in the petrochemical, chemical and fertilizers sectors. Altogether Technip-Coflexip has designed and built about 100 units on 50 different industrial sites. This new contract follows two contracts won by the Group in 2002, when it was awarded the engineering, procurement and construction of a major SM/PO and MPG/Polyols complex at Huizhou for CNOOC/Shell Petroleum, and a Syngas plant for BASF to be located in Nanjin. All totalled, in one year, order intake for the Group in China amounted to €230 million.
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.
TECHNIP-COFLEXIP Press Relations
Sylvie Hallemans: Tel. +33 (0) 1 47 78 34 85 Fax: +33 (0) 1 47 78 24 33 firstname.lastname@example.org
TECHNIP-COFLEXIP Investor Relation Department
Christopher Welton: Tel. +33 (0) 1 47 78 66 74 Fax: +33 (0) 1 47 78 67 58 email@example.com
David-Alexandre Guez: Tel. +33 (0) 1 47 78 27 85 Fax: +33 (0) 1 47 78 67 58 firstname.lastname@example.org