Técnicas Reunidas has been selected by ExxonMobil to execute the engineering, procurement and construction (EPC) of their expansion project for its Singapore refinery. Thanks to the announcement of this new contract, the shares of the petrochemical engineering company are up 2.5% on the stock market.
This EPC contract, continuation of the Técnicas Reunidas works as a FEED contractor, is part of a multibillion-dollar investment by ExxonMobil in Singapore. The objective of this expansion is to obtain higher value products from fuel oil, as explained by the petrochemical engineering company in a statement sent to the National Securities Market Commission (CNMV).
Técnicas collaborates with ExxonMobil to achieve this objective by executing EPC works for different refining units based on ExxonMobil’s own technologies, on other licensed technologies and other units. The scope of TR includes conversion units for hydro treatment, sulfur recovery, thermal oil system and associated auxiliary facilities and services.
The turnkey LSTK contract (lump sum turnkey) has an approximate value of US $1.5 billion. “This award marks the second individual award of ExxonMobil to Técnicas and further strengthens the presence of Techniques in Southeast Asia,” explains the company.