Technip Awarded Innovene Contract for Clean Fuels Project

Technip has been awarded an engineering, procurement, construction management (EPCM) services contract by Innovene Manufacturing France SAS to implement the Clean Fuels Project in the Innovene Refinery located in Lavéra, France. The project scope includes a new jet sweetening unit, the revamping of two existing hydro-desulfurization units (HDS) and some associated utilities and offsites.

Through this project, Innovene will upgrade the refinery to meet new European fuel regulations, being introduced in France from 2007, relating to the sulfur content in oil products.

The EPCM services will be performed by Technip's engineering centre in France.

The new facilities are due to be completed by the third quarter of 2006. The Innovene investment for the scope covered by this contract will be in the region of €50 million.

The Lavéra Refinery is one of the key assets in the new Innovene entity, which was established by BP earlier in 2005, to own and operate the majority of BP's Olefins and Derivatives activities(*).

In Europe, Innovene owns a range of other assets, including the Grangemouth Refinery and petrochemical site in Scotland as well as the Cologne petrochemicals complex in Germany.

(*) It is expected that Innovene will be sold, possibly via an IPO, later in 2005.

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Posted 13/09/05

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