The French Technip-Coflexip announced that its contract with Oman-India Fertilizer Company (OMIFCO) for the design and construction of a fertiliser complex in Oman, has become effective. It will be the world's largest grass-roots fertilizer complex. The completion of this project is slated for July 2005.
The turnkey OMIFCO contract, worth about $780 million, was awarded by OMIFCO to a 50/50 joint venture between Technip-Coflexip and Snamprogetti. Its effective date was dependent upon a number of conditions, mostly linked to the financing of the project. These conditions are now met.
In addition to the funds provided by OMIFCO's shareholders, the project's financing has been supplemented by Italian and French export credits, as well as a financial loan, which have been syndicated and signed under the leadership of BNP Paribas, Arab Banking Corporation and Australia and New Zealand Banking Group.
A first down payment, amounting to five percent, has recently been received by the Technip-Coflexip/Snamprogetti joint venture. The complex will be erected at Sur, 150 kilometer south of Muscat. It will comprise two 1,750 ton-per-day ammonia plants using the Haldor Topsoe technology, two 2,350 ton-per-day urea plants using Snamprogetti's technology, two granulation units as well as associated utilities, offsites and marine works.
Under the terms of the contract, Technip-Coflexip and Snamprogetti will supply engineering design, equipment and materials, construction management, start-up supervision as well as training of the client's personnel. The major portion of the construction will be carried out by
Consolidated Contractors International, as sub-contractor of the Joint Venture.
OMIFCO’s shareholders are Oman Oil Company (50 percent), Krishak Bharati Cooperative Ltd (25 percent) and Indian Farmers Fertilisers Cooperative Ltd (25 percent). This major project will contribute to the valorization of the Sultanate of Oman’s vast natural gas resources and will assure export of the total urea production and surplus ammonia production to India, thus strengthening commercial relationships between the two countries.
With a workforce of about 18,000 Technip-Coflexip ranks among the top five in the field of oil and petrochemical engineering, construction and services. Headquartered in Paris, the Group is listed in New York and in Paris. The main engineering and business centers of Technip-Coflexip are located in France, Italy, Germany, the UK, Norway, Finland, the Netherlands, the United States, Brazil, Abu-Dhabi, China, India, Malaysia and Australia. The Group has industrial and construction facilities in France, Brazil, the UK, the USA, and Finland as well as a world class fleet of offshore construction vessels. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
