Technip Wins a Major Refinery Expansion Project in Greece.

Energy Editors/Business Editors

PARIS--(BUSINESS WIRE)--Sept. 11, 2003

Technip (TKP)(TECF.PA)(SICOVAM:13170)

Technip has been awarded by Motor Oil Hellas S.A. a lump sum turnkey contract for the addition of new process units and utilities at their refinery in Corinth, Greece. The investment, a major one in the perspectives of this refinery, is worth in excess of 300 million euros.

The main objective of the project is to achieve quality of refinery products meeting the most stringent European Union specifications which come into force at the beginning of January 2005.

The main new process units are: a 37,000 BPSD mild hydrocracker (30% conversion) integrated with a 32,000 BPSD gas oil polishing unit, both licensed by Axens, as well as a 65,000 Nm3/hr hydrogen plant and a 70 t/d sulfur recovery unit, which are based on Technip's in-house technology.

The project also comprises the revamping of several process units, such as a vacuum distillation unit, a diesel hydro-desulfurization unit and important new and revamped offsites and utilities, including the upgrading of the power plant up to a total 60 MW production and its connection to the national HV grid.

The contract includes project management, detail engineering, procurement of equipment and materials, construction management, construction and pre-commissioning. The project will be carried out by Technip's center in Rome, with the participation of its Greek affiliate Technipetrol Hellas.

This major award follows the completion by Technip of the basic and front end engineering and the selection of licensors and services for the procurement of long lead equipment for the project. The contract is already effective and completion is slated for March 2005.

This project is a further enhancement of 30 years of continuous collaboration between Technip Italy and Motor Oil Hellas for the construction and upgrading of their Corinth refinery, which -- starting from lube oil production -- has now become one of the most complete and fully integrated refineries in Europe.

With a workforce of about 19,000 persons, Technip ranks among the top five corporations in the field of oil, gas and petrochemical engineering, construction and services. Headquartered in Paris, the Group is listed in New York and Paris. The Group's main engineering and business centers 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.

Technip trades under the symbol TKP on the NYSE and under the ISIN FR0000131708 on the Euronext.