Technip (Paris:TEC) (ISIN:FR0000131708) (ADR:TKPPY) announces today that it has extended its successful exclusive PTA(1) Alliance with BP to Acetic Acid.
The Acetic Acid Alliance, relevant to FEL(2) 1 and 2 stages of fully owned and joint-venture projects developed by BP worldwide, builds on the existing long-standing PTA Alliance.
Technip, in the framework of the PTA relationship with BP, has engineered approximately 8 million tons per year of PTA capacity over a span of 20 projects.
Through its operating center in Rome, Italy, Technip is the exclusive provider of FEL services for BP PTA fully owned and joint-venture projects and ISBL(3) FEED(4) for PTA third-party licensing applications.
The Acetic Acid Alliance will be run out of the Technip center of Rome, Italy, where existing synergies with the PTA relationship will be exploited.
BP's is a world leader in the Acetic Acid marketplace and provides state of the art technological suites with the Cativa XLTM process based on methanol carbonylation and the SaaBre™ process based on syngas.
Nello Uccelletti, President Onshore Offshore, Technip, stated: “The extension of the long lasting and value providing Alliance with BP in PTA to Acetic Acid proves that these relationships constitute win-win deals for technology Owners and Contractors. We look forward to reproduce in the Acetic Acid domain with BP the continuous improvement drive accomplished in the PTA sector.”
Charles Damianides, Technology Vice-President BP Petrochemicals, commented: "BP's long-term alliance with Technip in PTA has been successful, and we look forward to replicating this success in the Acetic Acid business.”
Technip is a world leader in project management, engineering and construction for the energy industry.
From the deepest Subsea oil & gas developments to the largest and most complex Offshore and Onshore infrastructures, our close to 31,000 people are constantly offering the best solutions and most innovative technologies to meet the world's energy challenges.
Present in 45 countries, Technip has state-of-the-art industrial assets on all continents and operates a fleet of specialized vessels for pipeline installation and subsea construction.
Technip shares are listed on the Euronext Paris exchange, and its ADR is traded in the US on the OTCQX marketplace as an American Depositary Receipt (OTCQX: TKPPY).
(1)Purified Terephthalic Acid (PTA), in the form of white, crystalline powder, is a raw material for the production of polyester fibers and plastic materials.
(2)FEL: Front End Loading
(3)ISBL: Inside Battery Limit
(4)FEED: Front End Engineering Design