Technip-Coflexip wins major oil refinery project in Abu Dhabi
Technip-Coflexip (NYSE: TKP and Euronext: 13170) has been awarded, by Abu Dhabi Oil Refining Co. (TAKREER), a major lumpsum turnkey contract worth about US $480 Million, for the expansion of the Ruwais Refinery to modernize the existing facilities and to add new units for the production of Unleaded Gasoline and Low Sulfur Gas Oil.
As part of the new process facilities Technip-Coflexip will provide, among other units, heavy and light naphtha hydrotreating units, a H2S removal and sulphur recovery units, a CCR reformer unit, a gas oil hydrotreater unit and an isomerization unit. Furthermore the project includes the revamp of the existing kerosene and gas oil hydrotreaters and LPG amine treater in addition of the expansion of all the utility systems and offsite facilities of the refinery.
Technip-Coflexip services will include project management, detail engineering, procurement of equipment and materials, construction management, construction, precommissioning, commissioning and training.
The overall project will be carried out by Technip Italy in Rome and by Technip Abu Dhabi in Abu Dhabi.
The project which does not require any third-party financing, will come into force immediately and completion is slated for July 2005.
This new award adds to the remarkable list of Technip-Coflexip's references in the Emirate of Abu Dhabi, including several other large contracts for ADNOC Group companies.
Nello Uccelletti, General Manager of the Middle East Division of Technip-Coflexip stated: "We are very pleased to have been awarded this new contract which demonstrate the continued confidence of ADNOC Group towards Technip-Coflexip. This significant project is the result of close cooperation between our common teams and bodes well for our future growth in Abu Dhabi".
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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