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Sinopec merges engineering units to form new company
05
Sep '12
Aiming to grab more petrochemical plant construction contracts in the country and overseas, China’s state-owned Sinopec consolidated eight of its construction units to launch a new engineering firm, Sinopec Engineering (Group) Co., which would focus on refinery and petrochemical projects.
 
The eight subsidiaries include Sinopec Luoyang Engineering, Sinopec Nanjing Engineering, Sinopec Engineering Inc., Sinopec Shanghai Engineering and Sinopec Ningbo Engineering.
 
The newly constituted company would have capacity to handle up to 20 engineering projects, with total estimated project value of Yuan 100 billion or US$ 15.8 billion per year, at any given time. Also, it would have capacity to build large-scale refining and ethylene projects.
 
According to Sinopec, the new entity with a registered capital of Yuan 3.1 billion, would boost the group’s competitiveness within the country as well as in foreign ventures, and would also help in promoting Chinese engineering techniques in foreign markets.
 
All the eight firms that have been merged were engaged in engineering, procurement and construction works for a series of products, including petrochemical complexes, natural gas processing plants, petrochemical complexes and chemical fibre plants.
 
Through its engineering projects, Sinopec has a strong consumer base in countries like Nigeria, Bangladesh, Qatar, Singapore, Saudi Arabia, Kazakhstan and Kuwait.
 
China Petrochemical Corporation (Sinopec Group) is a super-large petroleum and petrochemical enterprise group established in July 1998 on the basis of the former China Petrochemical Corporation.
 

Fibre2fashion News Desk - China

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