MILAN, Feb. 3, 2021
- 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
MILAN, Feb. 3, 2021 /PRNewswire/ -- 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.