Technip Energies Awarded a Substantial Petrochemical Contract by Borouge in the UAE
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PARIS--(BUSINESS WIRE)-- Regulatory News:
Technip Energies (PARIS: TE) (ISIN:NL0014559478) has been awarded a substantial(1) Engineering, Procurement, and Construction (EPC) contract in consortium with TARGET Engineering by Abu Dhabi Polymers co. Ltd. (Borouge), a joint-venture between ADNOC and Borealis, for the construction of a new Ethane Cracker Unit, to be integrated in the Borouge 4 petrochemical complex in Ruwais, UAE.
The contract was signed by H.E Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC and Chairman of Abu Dhabi Polymers Co Ltd. (Borouge), and Technip Energies CEO Arnaud Pieton, in presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Chairman of the Board of Directors of the Abu Dhabi National Oil Company (ADNOC) and the President of the French Republic, Emmanuel Macron during the French delegation’s visit to the UAE.
This EPC contract covers the delivery of a new Ethane Cracker Unit, in excess of 1,500 KTA(2), based on proprietary Technip Energies technology. The new Borouge 4 complex will be located in the Ruwais Industrial Area in Abu Dhabi. It is considered as one of the major strategic projects to enable ADNOC to meet its target growth, which would sustain its current market share in the growing polyolefin market.
This award follows the successful execution of FEED(3) competition, reflecting Technip Energies’ selective approach to be involved at a very early stage of any development and TARGET growth strategy to cooperate with major international contractors for projects in the country.
Arnaud Pieton, CEO of Technip Energies, stated: “We are extremely honored to have been selected by Borouge both as technology provider and EPC contractor and reconfirms Technip Energies long-standing leadership in ethylene and technology integration projects execution. This award also represents an appreciation of our strong historical presence in Abu Dhabi for over four decades and our commitment to enhance In-Country Value. The Borouge team competencies and knowledge of olefins plants together with Technip Energies expertise in technology and projects execution led to effective design and optimized project economics.We will also evaluate the carbon footprint of the Borouge 4 Ethane Cracker in order to minimize future CO2 emissions, reflecting Borouge and Technip Energies ambition to accelerate the transition towards a low-carbon future.”
A “substantial” award for Technip Energies is a contract award representing between €500 million and €1 billion of revenue.
KTA: kilo tons per annum.
Front End Engineering and Design.
About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) traded over-the-counter in the United States.
For further information: www.technipenergies.com.
Important Information for Investors and Security holders
This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.
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For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.
Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.
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