Oil services firm TechnipFMC has now satisfied all the conditions to start the engineering, procurement and construction (EPC) works to build a new hydrocracking complex for the Assiut refinery in Egypt.
The EPC contract was signed with Assiut National Oil Processing Company (ANOPC) in July.
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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, diesel hydrocracking unit, and 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’.
Also included under the contract are process units, offsites and utilities.
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By GlobalDataThe hydrocracking complex project supports the Egyptian Government’s ‘Energy Transition strategy’.
It will also strengthen the economic growth of rural areas and reduce environmental emissions and the government export bill.
TechnipFMC noted that the hydrocracking complex would transform’ lower-value petroleum products’ from ANOPC’s nearby refinery into 2.8 million tonnes per annum (Mtpa) of cleaner products.
The contract will be booked under the oil services firm’s Q4-2020 inbound orders.
In April, TechnipFMC announced that it will cut its planned capital expenditures (CapEx) by 30% to $300m for this year.
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.
