15th Sep 2009 07:00
15 September 2009
KBC Advanced Technologies plc
("KBC")
KBC named as sub-contractor on Vietnam oil refinery contract
In our half-year results statement made in early September this year, reference was made to an improving sales pipeline and further opportunities that were expected to close later this year. We are now pleased to announce the first of these contracts.
It was announced earlier today in Vietnam that SK Energy Co. Ltd had been awarded the contract for operation and maintenance of the 130,000 barrel per day oil refinery at Binh Son (previously known as Dung Quat Refinery) owned by Binh Son Refining and Petrochemical Co Ltd a subsidiary of PetroVietnam, with KBC as a named subcontractor. The main contract encompasses all aspects of the running of this new oil refinery. KBC will provide personnel for key management positions and will train refinery personnel on refinery operations and site optimization.
Contract completion is expected in the next two weeks, with personnel mobilization occurring shortly thereafter. KBC will embed key refinery management personnel on the site for a period of up to 30 months and the total value of the contract to KBC is expected to exceed US$9 million.
Regional demand has led to continued new oil refinery construction in South East Asia, in spite of the global reduction in oil demand. This is part of the trend, identified in our last results statement, of ongoing investment in the refining industry in parts of the world where there is growth in oil product demand, which we believe will drive further demand for our services.
Enquiries:
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KBC Advanced Technologies plc |
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George Bright, Chief Executive Nicholas Stone, Operations and Finance Director |
01932 236314 |
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Weber Shandwick Financial |
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Nick Oborne/Clare Thomas |
020 7067 0700 |
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Arbuthnot Securities |
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James Steel/Antonio Bossi/John Prior |
020 7012 2000 |
Notes to Editors:
For 30 years KBC's consultants have provided independent strategic and engineering expertise to enable leading companies in the global energy business and other process industries to manage risk while maximising value from their assets.
In times of economic uncertainty and increasing environmental pressure, KBC's proprietary methodologies and innovative tools guide clients' key strategic decisions, enabling them to prioritise and implement initiatives that maximise return on investment, and improve operational performance.
KBC's services include:
Strategic Consulting - providing strategy support to our clients, comprising market forecasting, business analysis, M&A support, and feasibility and definition studies.
Operational Excellence ("OpX") - helping clients to ensure that their facilities are operated in a safe, environmentally acceptable and profitable manner. The service covers planning and scheduling, reliability and maintenance, safety, health and environment, leadership development, human performance and continuous improvement.
Capital Excellence ("CapX") - providing design and project management support for new and brown field projects from concept through to start-up.
For more information, visit www.kbcat.com.
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