24 February 1997 00:00 [Source: ACN]
TOYO Engineering and ABB Lummus Global have signed a new ethylene collaboration agreement to work as a joint venture, instead of as constructor and licensor. This follows the global ethylene alliance of Chiyoda Corp and MW Kellogg (ACN 4 Nov 1996, p23).
Toyo/ABB's agreement is aimed at the Asia Pacific market. A Toyo source said the venture will generally work on a 50:50 basis, but this could vary from project to project.
The venture is already preparing to bid for Petronas/Union Carbide's ethylene plant in Malaysia, and the Mobil and Exxon plants in Singapore. Bidding for all three is expected to take place later this year, with the winners to be announced next year, the source said.
Other contenders include Chiyoda Corp, JGC Corp/Stone & Webster, and a South Korean engineering group.
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