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Sunpower wins contract from baota olefins project

Sunpower wins contract from baota olefins project Source: www.chinatexnet.com
Date: 11-07-2013
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Mainboard-listed Sunpower Group Ltd., a China-based heat transfer technology specialist engaged in the design, R&D and manufacture of energy efficient and environmental protection equipment for diverse industries, has recently secured a RMB253.5 million Engineering Procurement and Construction (“EPC”) contract between its wholly-owned subsidiary, Jiangsu Sunpower Technology Co., Ltd. (“Sunpower Technology” or and Xinjiang Kuishan BaoTa Petrochemical Co., Ltd. (“Xinjiang Kuishan BaoTa” or, a joint venture and a holding company of BaoTa Petrochemical Group.

The EPC contract includes the integration of sulphur recovery and flare systems into BaoTa Group’s Xinjiang Kuishan Petrochemical Base.

The supply of sulphur recovery systems is valued at RMB206.0 million and expected to be delivered by the end of 2015. This EPC contract will have a positive impact on the Group’s FY2014 and FY2015 results; the supply of flare systems is valued at RMB47.5 million and expected to be delivered by the end of 2014.

This EPC contract will have a positive impact on the Group’s FY2013 and FY2014 results. Save for their respective shareholdings in the Group, none of the directors or controlling shareholders of the Group has any interest, direct or indirect, in the contract.

Commenting on the contract secured, Mr. Guo Hongxin, Chairman of Sunpower, said, “This contract win forms part of the development of a large petrochemical industry cluster project in Xinjiang.

Being once again involved in a project of such scale demonstrates our capability to deliver high value contract in providing energy saving and environmental protection systems. In China’s objective to reduce total sulphur dioxide emissions by 8.0% per unit of industrial added value within the 12th Five-Year Plan of petrochemical and chemical industries, the Group believes that it is well-equipped to capture higher market demand for its sulphur recovery systems in various industrial sectors.”

The contract win marks the largest contract secured for the Group’s Energy Saving and Environmental Protection Systems business segment till date and came swiftly on the heels of a recent RMB130 million EPC contract win with the Lu’an Group announced on 25 June 2013. It is also the first time that Sunpower Technology undertakes a complete fully integrated sulphur recovery systems project.

Xinjiang Kuishan Petrochemical Base is a large-scale oil-coal-chemical-power-heat integrated project with a total construction value of RMB29.8 billion and construction area of 10,000 mu.1 It boasts an annual designed capacity of 8 million tons of olefins and aromatics production through heavy oil catalytic cracking. The construction of the Xinjiang Kuishan
Petrochemical Base is expected to be completed by 2015.

About Sunpower Group Limited

PRC-based Sunpower Group Ltd. specializes in the design, R&D and manufacture of customized energysaving and environmental protection products using heat-transfer technologies. Its products range from heat exchangers and pressure vessels, heat pipes and heat-pipe exchangers, pipe supports, and energysaving and environmental protection systems.
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