Damietta, Egypt: A EUR 40 Million Contract to Supply Two Liquefied Natural Gas Tanks.Business Editors MONTIGNY-LE-BRETONNEUX, France--(BUSINESS WIRE)--Sept. 11, 2001 SN Technigaz, a wholly-owned subsidiary of Bouygues Offshore (NYSE NYSE See: New York Stock Exchange :BWG) (PARIS Paris, in Greek mythology Paris or Alexander, in Greek mythology, son of Priam and Hecuba and brother of Hector. Because it was prophesied that he would cause the destruction of Troy, Paris was abandoned on Mt. :BOS.), has announced that it will build two Liquefied Natural Gas liquefied natural gas: see under natural gas. Liquefied natural gas (LNG) A product of natural gas which consists primarily of methane. Its properties are those of liquid methane, slightly modified by minor constituents. (LNG) tanks in Damietta, Egypt under a contract awarded by Union Fenosa. These tanks will be built for the LNG plant that Union Fenosa will develop in the Damietta Port site in Egypt Mediterranean shore, which will be in operation on middle 2004. SN Technigaz is the leader of the consortium, whose other members are Bouygues Travaux Publics (a Bouygues Construction subsidiary) and two local partners. The customer, Union Fenosa, is one of Spain's leading power utility company. For a total amount of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 80 million (Bouygues Offshore's share: EUR 40 million), the turnkey contract covers engineering, procurement, construction and pre-commissioning of two full-containment storage tanks for the natural gas liquefaction liquefaction, change of a substance from the solid or the gaseous state to the liquid state. Since the different states of matter correspond to different amounts of energy of the molecules making up the substance, energy in the form of heat must either be supplied to plant in Damietta, around 100 kilometers west of Port Said, at the head of the Suez Canal. The inner tank will be made of 9% nickel steel with perlite insulation to maintain the LNG at a temperature of -163 degrees C, while the outer tank will be made of prestressed concrete. Each full-containment tank has a storage capacity of 150,000 cubic meters. Delivery is scheduled for end of the first half 2004. Commenting on this contract, Herve Le Bouc, Chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Bouygues Offshore, stated: "The award of this contract, just one year after the contract for the Bilbao LNG import terminal in Spain, illustrates the renewed vitality of the LNG market and confirms SN Technigaz's position as leader in turnkey LNG storage tank A LNG storage tank (Liquified Natural Gas) is a specialized type of storage tank used for the storage of Liquified Natural Gas. LNG Storage Tanks can be found in ground, above ground or in LNG carriers. construction." From design engineering to start-up and maintenance, Bouygues Offshore provides its customers with turnkey projects in offshore-onshore oil and gas contracting, liquefied gases, maritime and river works and chemicals-refining/energy-industry. Driven by a strong commitment to the energy industry, an on-the-spot presence and a team of talented professionals, we deliver solutions that are safe, innovative and promote the success of our clients and our Company. Further information on the company can be found online at www.bouygues-offshore.com. |
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