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Wison Engineering Delivers Another EPC Project in Saudi Arabia<2236.HK>

Release time:2015-05-12 Media sources:Reuters

Wison Engineering Services Co. Ltd. ("Wison Engineering" or the "Company", SEHK stock code: 2236; together with its subsidiaries known as the "Group"), one of the largest private sector chemical engineering, procurement and construction management ("EPC") service providers in China, announced that its indirect non-wholly owned subsidiary, Wison Engineering Ltd. ("Wison Engineering"), has achieved the mechanical completion of a new cracking furnace project in Saudi Arabia. Completed ten days ahead of schedule, it showcases the Group's outstanding capability in cracking furnace project execution in overseas markets.

This project involved a new gas-based cracking furnace, extension of the pipe rack, a new decoking drum and its structure, a remote control room and an analysis house, as well as revamping of motor control cabinets in the substation.

"The biggest challenge we faced was how to address the complexities in the overseas market and leverage our EPC project management experience in China to ensure the seamless execution of engineering, procurement and construction management of this overseas project." Wison Engineering's project manager said.

From resources allocation at the start of the project, its hierarchical project schedule planning, the strict control of each project milestone, to the management and coordination of overseas patented technology providers and subcontractors, this project well proved the strong execution capability of Wison Engineering in its overseas projects.

Further, the project's successful implementation demonstrates the competitive advantages of Chinese engineering companies in the execution of overseas projects. For example, Wison Engineering not only fully tapped its extensive overseas supplier network, but also relied on the strengths of China's manufacturing sector by applying for module fabrication. The convection modules were pre-fabricated in China and then transported to the site to be installed. This greatly reduced the project execution risks and lowered its costs.

"We highly appreciate the trust from the client," said Mr. Zhou Hongliang, Senior Vice President of Wison Engineering. "During the 21 months of project execution for the cracking furnace, Wison Engineering encountered the most formidable challenges in its business development. However, with the support of the client and other business partners, we successfully delivered our first overseas EPC cracking furnace project ahead of schedule in the Middle East amid fierce competition from our peers, showcasing the strengths of Wison Engineering's overseas project management and its team. It marks a significant milestone for us, on the way to develop ourselves into a leading engineering company in the world which offers satisfactory project solutions to clients."

Since the early stages of its establishment, Wison Engineering has developed its competitive edge in newly-built cracking furnace projects and renovation projects. It not only owns in-house, proprietary commercial ethylene cracking furnace technologies as one of the six companies worldwide but has also undertaken 60% of the newly-built and revamping of cracking furnace projects in China. In 2011, Wison Engineering delivered the world's largest ethylene cracking furnace at that time, with a production capacity of 192 kta for BASF-YPC Company Limited.