PARIS--(BUSINESS WIRE)--Regulatory News:
Technip (Paris:TEC) (ISIN:FR0000131708) (ADR:TKPPY) has been awarded by SOCAR GPC a service contract for the ethylene and cryomax technology licenses respectively for a petrochemical complex and for the NGL(1) recovery section of a gas processing plant, which is part of a new gas and petrochemical complex, located in Garadagh, Azerbaijan.
Technip has also been awarded a contract for the development of the process and engineering design of all the process units included in the gas and petrochemical plant*, as well as the design of the related utilities and off-sites.
The scope of work covers the engineering design of:
- a new gas processing plant with capacity of 10 BCMA(2) single train highly integrated;
- a new petrochemical plant including a steam cracker with a capacity of 610 KTA(3) of ethylene and 120 KTA of propylene.
In addition, the utilities and off-sites scope includes the design of all the necessary units to operate the plant efficiently while respecting the required safety and environmental standards.
Technip’s operating center in Rome, Italy, will execute this contract, scheduled to be completed during the second half of 2017.
Marco Villa, President of Technip Region EMIA(4), commented: “We are proud of this award which reinforces the leading role of Technip in the Oil and Gas market as licensor and as engineering contractor in particular in the gas and petrochemical sector. This achievement consolidates also our long term relationship with a key client like Socar and at the same time reinforces our presence in Azerbaijan, considered a strategic market for Technip”
*except polyethylene unit
(1)NGL: Natural Gas Liquids
(2)BCMA: Billion Cubic Meter per Annum
(3)KTA: Kilo Ton per Annum
(4)Technip EMIA Region covers the following geographical regions: Europe, Russia, Middle East, India, Africa and Latin America for Onshore-Offshore segment.
Technip is a world leader in project management, engineering and construction for the energy industry.
From the deepest Subsea oil & gas developments to the largest and most complex Offshore and Onshore infrastructures, our close to 31,000 people are constantly offering the best solutions and most innovative technologies to meet the world’s energy challenges.
Present in 45 countries, Technip has state-of-the-art industrial assets on all continents and operates a fleet of specialized vessels for pipeline installation and subsea construction.
Technip shares are listed on the Euronext Paris exchange, and its ADR is traded in the US on the OTCQX marketplace as an American Depositary Receipt (OTCQX: TKPPY).