TOYO Signs Multi-Year Oil Sands DealOct. 17, 2013　Toyo Engineering Corporation(China)

TOYO Engineering Corporation (TOYO), through its Canadian subsidiary TOYO Engineering Canada Ltd., has signed an Engineering, Procurement, Construction (EPC) contract with JACOS (Japan Canada Oil Sands Limited) for a 20,000 bbl/day Steam Assisted Gravity Drainage (SAGD) production processing facility (expandable to 30,000 bbl/day) in the Hangingstone area, near Fort McMurray, Alberta.

The JACOS Hangingstone Project (with Nexen Energy ULC, a wholly owned subsidiary of CNOOC Limited, having 25% stake in the project) includes a central processing facility, utilities and infrastructure. TOYO will be performing the detailed engineering, procurement and the construction with completion targeted 2.5 years after contract signature.

TOYO has performed major projects in the global oil and gas industry for over 50 years and, with the EPC scope of work for the JACOS Hangingstone Project, TOYO will be advancing its business in the Canadian oil and gas sector.

"We are very pleased to be working with JACOS on such an important project in the Alberta oil sands," said Taro Takahashi, President TOYO Engineering Canada Ltd. Key in the success of the project will be the delivery of the construction phase. "This is an exciting time for TOYO," said Al Wahlstrom, VP Major Capital Project Toyo Engineering Canada Ltd. "The Hangingstone Expansion Project will be a significant EPC project for us in the oil sands and we look forward to building an integrated delivery team with our contractors and our client project team acting in concert to deliver success for JACOS and us all." The construction scope of the contract will be executed by a strong and dynamic team from TOYO, JV Driver, and key equipment manufacturers leveraging off each companies' experience and expertise.