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Technip announces award of contract by Hyundai-Wison consortium for two hydrogen reformers in Venezuela.

M2 EQUITYBITES-July 1, 2013-Technip announces award of contract by Hyundai-Wison consortium for two hydrogen reformers in Venezuela(C)2013 M2 COMMUNICATIONS

Technip (Paris:TEC.PA) announced today the award of a significant contract by the Hyundai-Wison consortium to supply its proprietary technology as well as engineering and procurement services for two hydrogen reformers in Venezuela.

According to Technip, a 'significant' onshore contract ranges in value from EUR50m to EUR100m.

Reportedly, these 135-million standard cubic feet per day reformers are part of the Deep Conversion project being executed by the consortium for Venezuela's state oil company, Petroleos de Venezuela SA (PDVSA), to upgrade the Puerto La Cruz refinery.

This contract covers the complete engineering, fabrication, modularisation, procurement as well as pre-commissioning and start-up assistance. Also, this project will utilise Technip's high-efficiency top-fired steam reformers, to produce high-purity hydrogen and export steam and the latest nitrogen oxide reduction technology to ensure minimum emissions.

Technip said that its operating centre in Claremont, California will execute the contract, which is scheduled for completion in the second semester of 2014.

The Hyundai-Wison consortium includes Hyundai Engineering & Construction Co Ltd, Hyundai Engineering Co Ltd and Wison Engineering Ltd.

Technip is a provider of project management, engineering and construction solutions for the energy industry.

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Publication:M2 EquityBites (EQB)
Geographic Code:3VENE
Date:Jul 1, 2013
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