Aker Kvaerner and Sinopec to Pursue More Mideast Opportunities
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."
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.
- Kvaerner Sees Rising Revenues, Better Margins in 4Q (Feb 14)
- Reliance Fires Up Gas Production from India's KG-D6 Block (Apr 02)
- Sonardyne Snags Life-of-Field Contract for Petrobras' Cascade, Chinook (Feb 18)
Company: Sinopec more info
- China's Sinopec Plans To Build Canadian Oil Refinery (Sep 14)
- Sinopec Says Some Refineries Would Be Hit By A Halt In Iran Crude Buying (Aug 27)
- South African Watchdog Approves Glencore's Bid For Chevron Assets (Aug 23)
Company: SABIC more info
- Saudi Aramco Shelves IPO for Sabic Stake (Aug 23)
- Saudi's SABIC Expects 2H Positive Growth; Eyes Overseas Expansion (Jul 30)
- Saudi Arabia's SABIC Looking At Investing In US (Dec 06)