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Graham receives $4mn petrochemical plant contract
01 Aug '05
3 min read
Batavia based a global of ejectors designer, manufacturer, and supplier Graham Corporation announced it received an order valued at over $4 million for four surface condensers.
The equipment will be installed in the Middle East in one of the largest integrated refining and petrochemical complexes to be built at one time and will specifically be a part of the petrochemical process resulting in the production of ethylene products.
Two condensers are planned for shipment in the first quarter of fiscal 2007, which ends June 30, 2006, and the remaining two in the third quarter of fiscal year 2007 ending December 31, 2006. Revenue will be recognized on a longterm contract accounting basis, and approximately 15% of the project will be recognized in Graham's current 2006 fiscal year and the remaining 85% in fiscal year 2007.
Bill Johnson, President and CEO of Graham Corporation commented, “This is our second Middle East ethylene plant contract in just the past three months. Although there is strong international competition to supply equipment for these large projects, Graham has a strong brand name and proven track record for the successful integration of equipment into refineries and petrochemical plants located in the Middle East.
It is a testament to Graham's commitment of providing custom engineered solutions, quality products and on-time delivery that they have been successful in securing these contracts.
Johnson goes on to say, “Ethylene capacity is expected to more than double over the next 10 years, 40% of which will be added in the Middle East. Several large petrochemical plants are currently being planned for start-up over the next two years in the Middle East, and with our focused sales strategy, they intend to capitalize on these future opportunities.”
The equipment will be installed in the Middle East in one of the largest integrated refining and petrochemical complexes to be built at one time and will specifically be a part of the petrochemical process resulting in the production of ethylene products.
Two condensers are planned for shipment in the first quarter of fiscal 2007, which ends June 30, 2006, and the remaining two in the third quarter of fiscal year 2007 ending December 31, 2006. Revenue will be recognized on a longterm contract accounting basis, and approximately 15% of the project will be recognized in Graham's current 2006 fiscal year and the remaining 85% in fiscal year 2007.
Bill Johnson, President and CEO of Graham Corporation commented, “This is our second Middle East ethylene plant contract in just the past three months. Although there is strong international competition to supply equipment for these large projects, Graham has a strong brand name and proven track record for the successful integration of equipment into refineries and petrochemical plants located in the Middle East.
It is a testament to Graham's commitment of providing custom engineered solutions, quality products and on-time delivery that they have been successful in securing these contracts.
Johnson goes on to say, “Ethylene capacity is expected to more than double over the next 10 years, 40% of which will be added in the Middle East. Several large petrochemical plants are currently being planned for start-up over the next two years in the Middle East, and with our focused sales strategy, they intend to capitalize on these future opportunities.”
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