Oil services firm TechnipFMC has signed a major engineering, procurement and construction (EPC) contract to build a new hydrocracking complex for the Assiut refinery in Egypt.
The EPC deal was signed with Assiut National Oil Processing Company (ANOPC).
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According to TechnipFMC, any major contract awarded to the company is valued at more than $1bn.
Under the contract, the oil services firm will provide a new vacuum distillation unit, a diesel hydrocracking unit, as well as a delayed coker unit.
The EPC contract also covers a distillate hydrotreating unit and a hydrogen production facility unit, which will use TechnipFMC’s ‘steam reforming technology’.
President of Technip Energies Catherine MacGregor stated: “This award demonstrates TechnipFMC’s long-standing relationship with the Egyptian petroleum sector and strengthens our expertise in the delivery of complex projects in the country.
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By GlobalData“It comes after successful execution of the FEED, reflecting our selective approach and the importance of being involved at a very early stage of any development.
“Assiut is considered one of the major strategic projects needed to meet growing local demand for cleaner products, and we are extremely honored to have been selected by ANOPC to contribute to the largest refining project to be implemented in Upper Egypt.”
TechnipFMC said that the hydrocracking complex would transform lower-value petroleum products from Assiut Oil Refining Company’s nearby refinery into some 2.8 million tonnes per annum (Mtpa) of cleaner products.
In April this year, TechnipFMC announced that it will cut its planned capital expenditures (capex) by 30% to $300m for 2020.
In March, the company noted that it deferred plans to split business operations into two separate entities. It had said that the current market environment led to its decision to put separation on hold.
