PR87380

MILAN, Dec 23, 2020 /PRNewswire=KYODO JBN/ --

- EPCC contract awarded by Indian Oil Corporation Limited (IOCL) for the

construction of new Petrochemical Derivatives Units in Dumad, in the western

state of Gujarat

- Tecnimont Private Limited, the Indian entity of Tecnimont SpA, will carry out

the execution of the contract as a single point of responsibility

Maire Tecnimont S.p.A. announces that its subsidiary Tecnimont SpA, through its

Indian entity Tecnimont Private Limited, has been awarded an EPCC (Engineering,

Procurement, Construction and Commissioning) Lump Sum contract by Indian Oil

Corporation Limited (IOCL), for the implementation of new Acrylic Acid and

Butyl Acrylate Units, for the production of relevant high added value products

for the chemical market. The units will be located in Dumad, near Vadodara, in

the Gujarat state, in India.

The overall value of the contract is about USD  255 million. The project scope

entails Engineering, Procurement, Construction and Commissioning activities up

to the Performance Guarantees Test Run. Once completed, the new Acrylic Acid

Unit will have a capacity of 90,000 tons per year, while the new Butyl Acrylate

Unit will have a capacity of 150,000 tons per year. The time schedule is 26

months for Mechanical Completion.

Pierroberto Folgiero, Maire Tecnimont Group Chief Executive Officer, commented:

“After the recent announcement of the MoU with IOCL to support the

industrialization of green chemistry and circular economy in India, we

consolidate a strategic relationship with such a prominent client also in the

petrochemical business. Our technology-driven strategy enabled us once again to

seize opportunities in a market with a very promising downstream investment

cycle, thanks to the growing demand for petrochemical products. Finally, in

sync with the strategic vision of the Government of India aimed at maximizing

the “In Country Value”, our Indian entity will execute the job as a single point of

responsibility, confirming its strong capabilities in managing big complex projects.”

Maire Tecnimont S.p.A., listed on the Milan Stock Exchange, heads an industrial

group which leads the global natural resource processing industry (downstream

oil & gas plant engineering, with technological and executive expertise). Its

subsidiary NextChem operates in the field of green chemicals and technologies

in support of the energy transition. The Maire Tecnimont Group operates in 45

countries, through 50 companies and about 9,100 people. www.mairetecnimont.com.

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Source: Maire Tecnimont S.p.A.