Aker Kvaerner and SINOPEC cooperate internationally
25 July 2006: The Engineering and Construction Department of China Petrochemical Corporation (SINOPEC), one of the largest petrochemical companies in China and Asia, has signed a memorandum of understanding with Aker Kvaerner for the joint execution of projects in the international marketplace.
The agreement represents a significant development in the Sinopec - Aker Kvaerner relationship, and forms the basis for greater cooperation in identifying, marketing, bidding and executing selected projects in the future. Aker Kvaerner and SINOPEC will selectively target opportunities internationally, with particular focus on expanding the relationship in the Kingdom of Saudi Arabia and other markets in the Middle East.
“SINOPEC and Aker Kvaerner have a long history of working together on successful projects. We are both keen to continue and expand this relationship. We see real benefit in combining our individual strengths to take advantage of opportunities internationally,” said Wim van der Zande, President of AK Process, Aker Kvaerner’s European process business. “We also see the potential for further cooperation on selected projects in China.”
Mr. Li Guoqing, Deputy Director General of SINOPEC E&C Department, added: “Aker Kvaerner and SINOPEC have established a strong foundation for cooperation on the YANSAB polyolefins project in Saudi Arabia. We look forward to deeply and widely expanding our collaboration for future projects.”
The long-standing relationship with SINOPEC in China spans projects for acetic acid, caprolactam, ethylene oxide/ethylene glycol, polyethylene and purified terephthalic acid. Aker Kvaerner and SINOPEC are currently working together in joint venture for the execution of a world scale polyolefins project in Saudi Arabia for SABIC. Aker Kvaerner’s scope includes the overall project management services, the extended basic engineering and procurement of the critical equipment. SINOPEC is providing the detailed engineering and a significant proportion of the skilled labour required for the construction activities.
AKER KVÆRNER ASA, through its subsidiaries and affiliates (“Aker Kvaerner”), is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner comprises several industries, including Oil & Gas, Refining & Chemicals, Mining & Metals, Power Generation and Pulp & Paper. The Aker Kvaerner group is organised into two principal business streams, namely Oil & Gas and E&C, each consisting of a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities.
The parent company in the group is Aker Kværner ASA. Aker Kvaerner has aggregated annual revenues of approximately NOK 41.4 billion and employs approximately 21 000 people in more than 30 countries.
Aker Kvaerner is part of the Aker Group (www.akerasa.com), a leading multi-industry powerhouse with more than 40 000 employees and NOK 62 billion revenues. Aker owns 50.01 per cent of Aker Kvaerner, and the group is also a major European shipbuilder and a significant participant in the fisheries industry.
AK Process is a trading name of Aker Kvaerner Netherlands B.V. AK Process is one of the core businesses of the Aker Kvaerner group in Europe. AK Process serves the chemicals and polymers, refining and onshore oil & gas industries. It provides the full life cycle of a project from concept studies, through to design, engineering, project management, delivery of process technologies, procurement, construction and maintenance services. As a pure project execution/EPC specialist, AK Process can provide customers with strategic ’one-off’ services or full turnkey solutions under a single project management control.
The company works with its customers in the development of major technological innovations, having participated in the conceptualisation and implementation of ideas, which are the foundation for world-class production facilities.
China Petroleum & Chemical Corporation (SINOPEC) is the first Chinese company that has been listed in Hong Kong, New York, London and Shanghai. SINOPEC is an integrated energy and chemical company with upstream, midstream and downstream operations. The principal operations of SINOPEC and its subsidiaries include: exploring, developing, producing and trading crude oil and natural gas; processing crude oil into refined oil products; producing, trading, transporting, distributing and marketing refined oil products; and producing and distributing chemical products. Based on 2005 turnover, SINOPEC is the largest listed company in China. SINOPEC is one of the largest crude oil and petrochemical companies in China and Asia. It is also one of the largest gasoline, diesel and jet fuel and other major chemical products producers and distributors in China and Asia.
This press release may include forward-looking information or statements and is subject to our disclaimer, see our web-pages www.akerkvaerner.com
- Contact Information
- Vanessa Mourant
- Communications Manager - E&C Europe
- Aker Kvaerner
- Contact via E-mail
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