Stock Exchange release February 13, 2003 09:00:37 AM CET
METSO WILL DELIVER CONTROL VALVES FOR SHELL'S JOINT VENTURE PETROCHEMICALS COMPLEX IN CHINA
Metso Automation will supply all rotary control valves for the new Chinese petrochemicals complex, to be built by the joint venture CSPC (China-Shell-Petrochemical Complex), which was established between Shell Nanhai BV and China National Offshore Oil Corporation Petrochemicals Investment Limited. The value of the order will be approximately EUR 10 million, and the deliveries will take place in 2003 - 2005. The order was included in the order book for the fourth quarter of 2002.
Metso will supply approximately in total 3,500 to 4,000 control valves as well as digital Foundation Fieldbus positioners for the CSPC project. The order is one of Metso Automation's most extensive deliveries ever for the hydrocarbon industry. Shell's customer relationship to Metso dates back to the late seventies.
The total value of the CSPC project is USD 4.3 billion, which makes it one of the biggest hydrocarbon industry projects. The construction work is expected to start in early 2003 in Guangdong Provice in Southern China. The plant is scheduled for start-up in late 2005. Once completed, the joint venture company will annually produce about 2.3 million tonnes of petrochemical products, primarily supplying customers in Guangdong and other high consumption areas of China's coastal economic zones. The entire complex has been designed to international environmental standards and efficient use of energy and materials.
Metso Corporation is a global supplier of process industry machinery and systems, as well as know-how and aftermarket and services. The corporation's core businesses are fiber and paper technology (Metso Paper), rock and mineral processing (Metso Minerals) and automation and control technology (Metso Automation). In 2002, the net sales of Metso Corporation were EUR 4.7 billion and the personnel totaled approximately 28,500. Metso Corporation is listed on the Helsinki and New York Stock Exchanges.