"Praj has been active in the European market over the last two years and has made significant gains in orders in the region. Having received a good response to our technological solutions, we decided to take our commitment one step further.  We already had a strategic alliance with AK Process, which we are now extending into a JV that will bring the best of the two Companies to Europe," said Pramod Chaudhari, Chairman, Praj, India.

Wim van der Zande, President, AK Process, Aker Kvaerner's European Process business, said, "Care about the environment and about people is one of the core values of Aker Kvaerner. At the same time, there is also a growing market for environmentally-friendly energy technologies, which is part of Aker Kvaerner's strategic priorities. The developments in alternative energy fuels and products are essential to achieve our mutual global objectives as one of the key Aker Kvaerner businesses. Partnering in this area and using the strength of each business partner will bring the best products to the market."

The JV will offer European customers access to the complete scope of services required for license, plant design and construction, with seamless integration and application of the Praj technology. Praj, a global leader in bio-ethanol technology for over two decades, has been active in European markets for bio-ethanol technology solutions.  In 2006, Praj and Aker Kvaerner entered into an alliance for strategic cooperation on bio-ethanol projects in Europe.  Based on market interest in the alliance and the fact that Europe will follow a binding guideline of 10 per cent bio-fuels blending by 2020, thereby expanding the market opportunity for bio-fuel plants, the two companies have decided to extend their association by forming a JV.

Apart from the potential to expand new business prospects, the JV will provide greater visibility for both the Praj and Aker Kvaerner businesses in this marketplace.

Aker Kvaerner Netherlands BV, part of the Aker Kvaerner group, is the legal entity entering into the JV with Praj. The JV is to be located in The Netherlands.

As bio-ethanol is a renewable fuel derived from plants (such as cereals, sugar beet etc.) or biomass (such as wood waste), the primary environmental benefit is the reduction of CO² emissions. The use of bio-ethanol can lead to up to a 70 per cent reduction in overall CO² emissions compared to a traditional petrol only engine. Bio-ethanol used as part of the fuel, by blending with petrol, for a motor vehicle is called fuel-ethanol. Bio-ethanol can be blended in various proportions in petrol.

ENDS

 

 

 

AKER KVÆRNER ASA, through its subsidiaries and affiliates ("Aker Kvaerner"), is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner comprises several industries, including Oil & Gas, Refining & Chemicals, Mining & Metals and Power Generation. The Aker Kvaerner group is organised in a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities.

The parent company in the group is Aker Kværner ASA. Aker Kvaerner has aggregated annual revenues of approximately NOK 50 billion and employs approximately 23 000 people in about 30 countries.

Aker Kvaerner is part of Aker (www.akerasa.com), a group of premier companies with a focus on energy, maritime and marine-resources industries. The Aker companies share a common set of values and long traditions of industrial innovation. As an industrial owner with a 40.1 per cent holding in Aker Kvaerner, Aker ASA takes an active role in the development of its holdings.

AK Process is a trading name of Aker Kvaerner Netherlands B.V., the legal entity entering into the joint venture, and a wholly owned subsidiary of AKER KVAERNER ASA.  AK Process serves the chemicals and polymers, refining and onshore oil & gas industries.  It provides the full life cycle of a project from concept studies, through to design, engineering, project management, delivery of process technologies, procurement, construction and maintenance services. As a pure project execution/EPC specialist, AK Process can provide customers with strategic 'one-off' services or full turnkey solutions under a single project management control. It works with its customers in the development of major technological innovations, having participated in the conceptualisation and implementation of ideas, which are the foundation for world-class production facilities.

 

Career opportunities: Visit http://www.akerkvaerner.com/Internet/CareerCentre

 

Praj Industries Ltd is a global Indian company that offers innovative solutions to significantly add value in alcohol, biodiesel and brewery technology and related wastewater treatment systems for customers in India and around the world. Praj is a Knowledge-based company with expertise and experience in bio-processes and engineering. It delivers know how, license, engineering design, plant & equipment, project management, commissioning and customer care and turnkey projects. Led by an accomplished and caring leadership, Praj is a socially responsible corporate citizen.

This press release may include forward-looking information or statements and is subject to our disclaimer, see our web-pages www.akerkvaerner.com