CARACAS, Venezuela, June 27, 2012 /PRNewswire-Asia/ -- Wison Engineering Ltd. ("Wison Engineering"), China's largest private sector chemical engineering, procurement and construction (EPC) service provider has been officially awarded an EPC contract today by PDVSA Petroleo, S.A. (PDVSA), Venezuela's state-run oil company, at the Puerto la Cruz oil refinery. Hyundai Engineering & Construction Co. Ltd. and Hyundai Engineering Co,. Ltd. are jointly participating in the project as Consortium Hyundai-Wison. The total contract value amounts to approximately US$2.993 billion, of which Wison Engineering will receive a share equivalent to approximately US$927.8 million.
Consortium Hyundai-Wison will carry out Engineering, Procurement, Construction and Start-up assistance of the Environmental Units, Auxiliary Units and Revamp of Atmospheric Distillation Units of the Deep Conversion Project, Puerto la Cruz Refinery, which is located about 250 kilometers east of the Venezuelan capital of Caracas. The project will upgrade refinery facilities to process heavy crude oil, with a capacity of 210,000 barrels / day. In addition, the contract calls for the expansion of gasoline, diesel and aviation kerosene projects and other facilities. The project is expected to be completed within 42 months from its commencement.
Mr. Dong Hua, Vice President of Wison Engineering said: "Venezuela has become one of the key important markets for Wison Engineering as the company focuses on its international business development. We are very proud to be recognized by PDVSA on our project management capabilities that we have accumulated over the years. In addition, we are very happy to partner with Hyundai in this project at the time we are developing the global market"
Internationally, Wison Engineering is exploring the possibility of expanding its business in Southeast Asia and the Middle East, and has conducted a number of feasibility studies to attract potential clients in these areas since 2008. With the increased and continuous market efforts through establishment of sales offices in Saudi Arabia, Singapore and Indonesia, Wison Engineering is speeding up its process of acquiring new international and foreign related projects, including two projects for SABIC (a steel plant debottlenecking project in Saudi Jubail and a Benzene project in Yanbu), BASF Chongqing MDI integration project.
Venezuela is one of the world's major oil-producing and exporting countries and one of the five founding members of the Organization of Petroleum Exporting Countries (OPEC).
