Wood, the global consulting and engineering company, has secured a contract valued at over $120 million (€98 million) with a Chinese company.
The deal with Sinopec Hainan Refining and Chemical Limited Company (Sinopec) is to provide engineering, procurement and construction (EPC) services to expand its refinery development in the Hainan Free Trade Zone in South China.
Under the new contract, EPC services for the site-wide pipe rack and associated pipework, cables for power, telecommunications and lighting will be delivered by Wood’s engineering and project management teams based in Shanghai and on site.
Once completed, the ethylene renovation and expansion project will produce up to one million tonnes of ethylene derivatives and refined oil on an annual basis and is expected to boost economic growth in China’s downstream sector by more than $14.1 billion (€11.5 billion). Output from the Hainan FTZ will serve ethylene demand across China and globally.
Mike Collins, Wood’s executive president of projects, said: “We are delighted to win this new contract with Sinopec which demonstrates the strength of our long-standing relationship with the client and their confidence in our extensive EPC expertise in the petrochemical sector.
“We look forward to continuing our partnership to deliver this project safely, sustainably and on-time, making a positive contribution to this significant development.
“Wood is uniquely placed to leverage our engineering design expertise and global petrochemical track record to play a significant role in the growth of Sinopec’s business and the economic development of Hainan, boosting the local supply chain.”
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