PR87937

MILAN, Feb. 3, 2021 /PRNewswire=KYODO JBN/ --

- The contracts relate to the installation of three process units, necessary

for the production of EURO-5 gasoline at the Heydar Aliyev Baku Oil Refinery in

Baku, Azerbaijan

Maire Tecnimont S.p.A. announces that its subsidiaries Tecnimont S.p.A. and KT

- Kinetics Technology S.p.A., have signed with SOCAR's subsidiary Heydar Aliyev

Oil Refinery two Engineering, Procurement and Construction contracts, as part

of the Modernization and Reconstruction of Heydar Aliyev Oil Refinery in Baku,

Azerbaijan. SOCAR is the State Oil Company of Azerbaijan Republic.

The overall contracts' value equals to approximately USD 160 million.

The scope of the two contracts entails the installation of three new generation

refining units which are are crucial to upgrade the quality of gasoline to the

EURO-5 standard. Both projects will be executed in the Heydar Aliyev Oil

Refinery, where Tecnimont and KT-Kinetics Technology are already jointly

executing an EPC contract awarded in 2018.

The projects under new EPC contracts are expected to be completed respectively

within 33 months and 26 months from the signing date.

This is a major milestone for Maire Tecnimont Group's core business, since it

allows to further consolidate the Group's industrial footprint in the strategic

Azerbaijani market and in the crucial natural resources transformation sector.

Moreover, it confirms the orientation of the Group to leverage its distinctive

competencies, technological know-how and synergies between its EPC contractors.

Pierroberto Folgiero, Maire Tecnimont Group CEO, commented: "We are really

honored to put once again our technological expertise at the service of an

historical and prestigious client such as SOCAR, thus consolidating our

successful, longtime collaboration aimed at unlocking greater value in

Azerbaijan's downstream value chain. This achievement lets us foster a mutually

beneficial relationship and paves the way to future growth, confirming the

reliability of our technology-driven strategy."

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. For further

information: www.mairetecnimont.com.

Logo: https://mma.prnewswire.com/media/1322292/Maire_Tecnimont_Logo.jpg

SOURCE: Maire Tecnimont S.p.A.