Aker Kvaerner has been active for several decades in Saudi Arabia. The present restructuring and renaming of its in-Kingdom operations reflect the company's ongoing commitment to the region. AK Process, together with its new joint venture partner, Saudi Pan Gulf, will intensify its business development effort and further increase its presence in the region. 

Following the launch of the new company, Wim van der Zande, President of AK Process, said, "The continuing growth in the petrochemical industry in Saudi Arabia and increased private sector investments offer a number of attractive opportunities for us to continue our long-standing relationship with the business community in-Kingdom. We will now expand further on this presence and create a focused service provider equipped to deliver complex projects and integrated, technology-driven solutions." 

Moving forward, the company's vision, through AK Gulf, is to be the E&C Contractor of choice where it can provide niche technology and/or a know-how position. The primary focus will be on projects in the petrochemical sector, where it holds key technology positions for processes such as polyethylene, polypropylene, EO/EG, acetic acid and its derivatives, PTA, BDO and Methanol. Excellence will be achieved through predictable project execution applying Aker Kvaerner's proven Project Execution Model and through low cost / high value engineering solutions.

AK Process has a significant involvement in-Kingdom through the Butanediol (BDO) project that is being executed for GACIC (Gulf Advanced Chemical Industries Company), a SIPCHEM (Saudi International Petrochemical Company) affiliate. This 75,000 tonnes per annum facility is currently in the advanced stages of construction at Al Jubail, with two million field man-hours worked without a lost time incident. Plant start-up is scheduled for fourth quarter, 2005.

AK Gulf is operating with immediate effect.

ENDS

For further information:

 

Media: Torbjorn Andersen, SVP Group Communications, Aker Kvaerner: Tel: +47 67 51 3036 Mob: +47 928 85 542

Netherlands: Wim Van Der Zande, President, AK Process: Tel: +31 79 36 88 688

Saudi Arabia: Henk Dolman, AK Gulf: Tel: +966 3801 0003 ext. 106
Mobile : +966 5 0681 9026  Fax : +966 3801 0440

 

1. 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 businesses within Aker Kvaerner span a number of industries, including Oil & Gas production, Refining & Chemicals, Mining & Metals, Pharmaceuticals & Biotechnology, Power Generation and Pulp & Paper. Aker Kvaerner has aggregated annual revenues of approximately USD 4.5 billion and employs around 22,000 employees in more than 30 countries.

The Aker Kvaerner group consists of 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.  www.akerkvaerner.com

2. AK Process is a trading name of Aker Kvaerner Netherlands B.V.  AK Process is one of the core businesses of the Aker Kvaerner group in Europe.  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.

The company 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.

 

3. AK Gulf is a trading name of the legal entity Aker Kvaerner Gulf Limited.   AK Gulf is a subsidiary of AK Process and serves the chemicals and polymers, refining and onshore oil & gas industries.

4. SAUDI PAN GULF is a well-established 100% Saudi Company with various trading and manufacturing divisions focussing on providing services to the Oil, Gas, Petrochemical and other industries in the Kingdom of Saudi Arabia and neighbouring countries.  For more information please visit: www.saudipangulf.com 

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