Toyo Engineering Corporation (Tokyo, Japan, TEC, President Toshihiko Hirose) has been successful to receive double contracts awards from BASF-YPC Company Limited. BASF-YPC Company Limited is a joint venture company equally shared by BASF A.G. of Germany, a world's leading chemical company that targeted China as its important strategic market and SINOPEC, the largest integrated petroleum and petrochemical company in China . The plants awarded to TEC are 160,000 tons/year of acrylic acid (AA), 215,000 tons/year of acrylic acid ester (AE) and 250,000 tons /year of C4 oxo-alcohol (OXO), which will be designed and constructed in Nanjing, Jiangsu Province in China. Using BASF advanced technologies and its basic design; TEC will provide a range of services including detailed design, procurement of equipment and materials and construction of the plant on a Lump sum turnkey contract basis. The both projects are scheduled for completion in the fourth quarter of 2004. This US$2.9 Billion global scale integrated petrochemical project represents the largest investment project in the Asia-Pacific region by BASF. For SINOPEC, BASF-YPC Company Limited is the first strategic joint venture with foreign chemical giant company for the large-scale petrochemical plant in PRC.
TEC has developed a highly evaluated relationship with BASF through the successful completion of OXO Alcohol project for BASF's joint venture in Malaysia. In China, TEC has built up a 30-years track record of delivering numerous plant designs, facilities and technologies for Chinese clients including SINOPEC, and is currently performing a revamp project for SINOPEC Yangzi Petrochemical Company Limited ethylene facility.
TEC's long term experience for SINOPEC in China, it's successful project execution for BASF in Malaysia and TEC's proven project execution skills and technical expertise have led the award of two (2) contracts for Nanjing petrochemical project, even against hard international bidding competition against Europe and South Korea contractors. TEC expects that participation in a world scale Nanjing project will lead to significant contribution to BASF-SINOPEC as well as for TEC's future growth and business development in China.
Aug. 19, 2022