Flowserve Secures Order to Supply Pumps to CPECC
Flowserve Corporation announced it has won a contract with an expected value of $85-90 million, to supply a variety of specialty pumps to the China Petroleum Engineering and Construction Corporation,which is acting as the engineering contractor for the International Petroleum Investment Company to build the Abu Dhabi Crude Oil Pipeline.
The ADCOP will run from the Habshan in Abu Dhabi to the port of Fujairah. The design capacity of the 360-kilometer (223-mile) pipeline is 1.5 million barrels of oil per day.
"We are pleased to work with CPECC to supply pumping technology for the Abu Dhabi pipeline, and are very proud that Flowserve products were selected for this important project," said Flowserve Pump Division President Tom Ferguson. "The trust that CPECC has put in Flowserve to be the pump supplier for this major project is a clear example of how we continue to be recognized as a leading global provider of petroleum-related pumping systems and technology."
The expected value of the supply agreement is approximately $85-90 million (USD). Flowserve plans to book over 90 percent of this order during the current quarter ending September 30 and plans to book the remainder in a later period.
"This order is representative of the continued broad strength we are seeing in our global infrastructure markets across our product lines and served industries," said Flowserve President and CEO Lewis Kling. "Our global resources and capabilities continue to deliver the critical technology needed by our customers, allowing us to build a solid foundation for future growth," added Kling.
ADCOP is intended to eliminate the need for oil tankers to pass through the Straits of Hormuz and allow the tankers to be loaded at the deep water port in Fujairah. The pipeline is expected to save significant transport costs for the oil.
Under this supply agreement, Flowserve will provide a broad range of pumping technology for main oil line, booster duty and tanker loading for the project.
About IPIC
Established in 1984, International Petroleum Investment Company ("IPIC") is wholly owned by the Government of Abu Dhabi, with a mandate to invest in the hydrocarbons and related sectors outside the Emirate of Abu Dhabi.
It is run by independent Board of Directors, whose Chairman is H. H. Sheikh Mansour Bin Zayed Al Nahyan, Minister of Presidential Affairs. IPIC s investment portfolio is currently estimated to be worth more than US$14 billion, with stakes in many international companies including OMV, CEPSA and Cosmo Oil.
About China Petroleum Engineering and Construction Corporation
China Petroleum Engineering & Construction (Group) Corporation (CPECC), with more than 50 years history and starting overseas business in 1980, is a large-scale state-owned enterprise specialized in contracting international petroleum and petrochemical projects, and has been the largest and leading subsidiary of China National Petroleum Corporation (CNPC) in the field of international oil/gas engineering and construction.
About Flowserve Corp.
Flowserve Corp. is one of the world s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services.
Source: Flowserve Corporation
