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30 Jul 2009 07:00
Embargoed until 7.00am
30 July 2009
KBC Advanced Technologies plc
("KBC")
Contract Award
In the pre-close trading update made on 6 July 2009, reference was made to several key contracts that were in the advanced stage of negotiation. KBC is pleased to announce the first of these contracts.
KBC has been selected as a sub-contractor to SK Engineering and Construction Company Ltd ("SKEC"), which has been engaged to further develop the basic design, in preparation for procurement and construction, of a new petrochemical complex to be built in Ecuador. This new facility is to be built by Refineria del Pacifico-CEM, a joint venture between PetroEcuador and Petroleos de Venezuela SA ("PdVSA").
The value of the KBC contract is around US$10 million over a period of approximately nine months. This award follows KBC's successful involvement in the early phase of the project, during which KBC conceptualised and developed the petrochemical complex configuration using its proprietary process simulation software, Petro-SIM™.
Latin America has remained a strong market for KBC this year, and continues to generate opportunities for capital project driven work. KBC has also won several smaller projects in this region in recent months. The successful negotiation of this contract is the result of continuing excellent relationships with PetroEcuador, PdVSA and SKEC.
For further information contact:
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KBC Advanced Technologies plc |
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George Bright, Chief Executive Nicholas Stone, Operations and Finance Director |
01932 236314 |
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Weber Shandwick Financial |
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Nick Oborne/Clare Thomas |
020 7067 0700 |
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Arbuthnot Securities |
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James Steel/Antonio Bossi/John Prior |
020 7012 2000 |
Notes to Editors:
For 30 years KBC's consultants have provided independent strategic and engineering expertise to enable leading companies in the global energy business and other process industries to manage risk while maximising value from their assets.
In times of economic uncertainty and increasing environmental pressure, KBC's proprietary methodologies and innovative tools guide clients' key strategic decisions, enabling them to prioritise and implement initiatives that maximise return on investment, and improve operational performance. For more information, visit www.kbcat.com.
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