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Maire, big order from Russia worth 1.2 billion euro in consortium with Sinopec

May 06, 2020


Abstract : Big contract worth 1.2 billion Euro for Maire Tecnimont in Russia. In the framework of a consortium led by the group of plant engineering, EPSS (Engineering, Procurement and Site Services) was awarded a contract by Amur Gcc, a subsidiary of PJSC Sibur Holding.

MILAN, May 5 (Class Editori) - Big contract worth 1.2 billion euro for Maire Tecnimont in Russia. In the framework of a consortium led by the group of plant engineering, EPSS (Engineering, Procurement and Site Services) was awarded a contract by Amur Gcc, a subsidiary of PJSC Sibur Holding.

The contract was won through the subsidiary Tecnimont which leads the consortium in which MT Russia, Sinopec Engineering and Sinopec Engineering Group Russian Branch participate.

The contract concerns the petrochemical development of the Amur Gas Chemical Complex. AGCC constitutes the downstream expansion of the Amur gas processing plant (AGPP), in the city of Svobodny, in the Amur region, in the Far East of the Russian Federation, near the border with China, for which Maire Tecnimont currently running one of the packages.

The program includes various large-scale polyolefin production lines. The completion of the project is expected by 2024 and will create one of the largest petrochemical plants in the world, which will be powered by the products associated with the natural gas of the Agpp project. Therefore, the entire gas development initiative in the Amur region (Agpp and Agcc) represents a turning point in the global energy scenario.

"This project confirms the reliability of our involvement strategy from the early stages of project development with selected customers, with a long-term industrial vision in the natural gas value chain", commented Pierroberto Folgiero, CEO of Maire Tecnimont. "The AGCC project follows Tecnimont's participation in the huge gas processing plant in Amur, in the Far East of Russia, and represents its downstream monetization in polyolefins. In these exceptional circumstances due to the spread of COVID-19, we are proud to commit ourselves to this prestigious work and to put our best energies at the service of a long-term customer like Sibur".

In 2019, the plant engineering group generated consolidated net profit of 114.7 million euro, down 2.3 percent year-on-year. The adjusted net result remained unchanged at 116.8 million. The group result improved from 110.6 to 113 million and the adjusted result rose 4.1percent to 115.1 million. Revenues decreased by 8.5 percent to 3.338 billion. Adjusted EBITDA increased 2 percent to 209.9 million and adjusted EBIT remained stable at 185.7 million. The board of directors will propose a dividend of 0.116 euro per share.

(Source: Class Editori)

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