Singapore-based Advanced wins contracts from PetroChina

24 February 2010 10:48  [Source: ICIS news]

SINGAPORE (ICIS news)--Singapore-based Advanced Holdings said on Wednesday it has secured contracts from PetroChina to supply process equipment for the oil giant's two ethylene plants in China.

One ethylene plant is located in Daqing in China’s Heilongjiang province, while the other is at Dushanzi in the Xinjiang province.

“These projects will commence in the second quarter of 2010 and are expected to be completed in mid 2011,” Advanced Holdings said in a statement.

The company also secured a third contract to provide process equipment for the coal-gasification processes of a plant owned by Jinjiang Chemical.

The project started earlier this year and is expected to be completed by August 2010, Advanced Holdings said.

The three contracts are worth about Singapore dollars (S$) 8.5m ($6m, €4.5m), the company added.

In a separate statement, the company reported fourth quarter profits of Singapore dollar (S$) 2.6m from S$900,000 in the same period in 2008.

Revenue from its petrochemicals and chemicals division in 2009 rose 9.1% year on year to S$54.8m, the company said.

Advanced Holdings reported a full-year net profit of S$9.5m, up 28% from a year ago, it said.

(S$1= $0.71, €0.52)

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By: Nurluqman Suratman

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