ABB Wins 123 Million Dollars Petrochemical Contracts in China

Home>>Business

Last updated at: (Beijing Time) Saturday, July 26, 2003

ABB Wins 123 Million Dollars Petrochemical Contracts in China

DISCUSSION

CHINESE

SEND TO FRIEND

ABB, the Swiss-Sweden power and automation technology group, said Friday that it has won additional contracts worth 123 million US dollars from Shanghai SECCO Petrochemical Company Ltd. to develop part of its new petrochemical complex in China.

ABB will provide the technology license, engineering, and procurement for a 500,000 metric tons per year (MTA) ethlbenzene/styrene monomer unit and the engineering and procurement for a 300,000 MTA polystyrene unit.

The units are part of SECCO's new 2.7 billion US dollars petrochemical complex in Caojing, which is due to start operation in 2005.

ABB won another order last year worth 200 million US dollars atthe same complex.

ABB wins contracts in China which is quite important for the company faced with lackluster global economic conditions and a looming debt crunch of at least 2.6 billion US dollars. The group announced a 787 million US dollars loss for 2002.

"The contracts are a further expression of confidence in our technologies, " said Erik Fougner, head of ABB's Oil, Gas and Petrochemicals division.

Questions?Comments? Click here

Who Is Boosting a Revaluation of RMB? ( 4 Messages)

Chinese President Calls for More Sino-Japanese Non-governmental Contacts ( 3 Messages)

China Striving to Become World's 2nd Largest Market ( 2 Messages)

US Military Official Confirms Death of Saddam's Two Sons ( 3 Messages)

Woman Protests with Minibus Dragged by Donkey in Xi'an ( 9 Messages)