TEC was awarded a contract for refinery capacity increase for VenezuelaFeb. 5, 2002

Toyo Engineering Corporation (TEC, President Toshihiko Hirose), having assistance from Mitsui & Co., Ltd., has been awarded a contract from Venezuelan national petroleum company Petroleo de Venezuela S.A. (PDVSA) officially for capacity increase of PDVSA's existing FCC and HF Alkylation units being operated at El Palito refinery located at Caribbean coast in collaboration with local contractors Otepi Consultores S.A., Inerectra S.A. and Sadeven Industrias c.a.. as a consortium. Contract amount is about 12 billion Japanese Yen.

This project is to increase capacity of the FCC unit from 54,000BPSD to 70,000BPSD and the Alkylation unit from 20,400BPSD to 25,700BPSD targeting increase of gasoline production and correspondence to the new environmental regulation. The project's scope of work includes detail design, procurement of equipment and materials, construction and supervisory services. License and Basic design will be provided by UOP,USA. The project will be completed in April 2003.

The contract has been awarded based on TEC's rich experience in design and construction of FCC units, especially revamping of the same, and consortium's competitiveness in price.

This is the first award of contract for TEC in Venezuela. Venezuela is known as one of the major oil and gas producers in OPEC and has various investment projects in energy related industries in future. TEC, taking this chance, is aiming to activate sales promotion in energy related and petrochemical fields in Venezuela as a priority market in Latin America next to Brasil, where Toyo has already established firm sphere of influence.

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