Aker Kvaerner wins further Polyethylene project in China

Aker Kvaerner will provide the basic engineering design, together with offshore equipment and material supply, from its offices in the Netherlands and China. Dushanzi is an integrated ethylene cracking complex with downstream facilities for the production of a wide range of polymer products.  The new full density polyethylene (FDPE) plant consists of two lines each with a capacity of 300,000 tonnes per annum (tpa). The project, to be executed on a fast-track basis, will commence this month. Plant start-up is expected in September 2008.

The FDPE plant will make use of Univation's UNIPOL(TM) polyethylene technology, one of the core technologies in the Aker Kvaerner process portfolio.

"This is the fourth polyolefin project to be awarded to Aker Kvaerner this year," says Wim van der Zande, president of AK Process, Aker Kvaerner's European Process business. "We are very pleased to be involved in this project. Our selection reflects the strong track record we possess in working with this leading edge technology, together with the vast experience we have accumulated on projects throughout China.  Given the challenges associated with transportation and winter weather conditions, our project execution methodology will be a decisive factor in helping us to play our part in achieving this fast track schedule."
The success of the UNIPOL(TM)  PE process, which involves production of polyethylene in a low pressure gas phase reactor, places Univation among the world leaders in polyethylene technology. The total number of UNIPOL(TM)  PE lines either installed or under construction around the world is now approaching 100.  Of these, 18 have been designed and/ or built by Aker Kvaerner, making the company one of the most experienced UNIPOL(TM)  PE contractors in the industry.

For further information, please contact:
Torbjorn Andersen, SVP Group Communications, Aker Kvaerner: Tel: +47 67 51 3036 Mob: +47 928 85 542

Netherlands: Wim van der Zande, Aker Kvaerner, Zoetermeer, Tel: +31 (0)79 368 8434

UK: Vanessa Mourant, Aker Kvaerner, Tel: +44 (0) 207 339 1064 Mob: +44 7771 806566

Investor relations:
Lasse Torkildsen, Vice President, Aker Kvaerner, Group Comms. Tel: +47 67 51 30 39
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 business within Aker Kvaerner comprises several industries, including Oil & Gas, Refining & Chemicals, Mining & Metals, Pharmaceuticals & Biotechnology, Power Generation and Pulp & Paper. The Aker Kvaerner group is organised into two principal business streams, namely Oil & Gas and E&C, each consisting 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. Aker Kvaerner has aggregated annual revenues of approximately NOK 35.6 billion and employs approximately 22,000 people in more than 30 countries.

2.        AK Process is a trading name of Aker Kvaerner Netherlands B.V., a wholly owned subsidiary of AKER KVAERNER ASA and the legal entity responsible for the execution of the work. 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.

3.        PetroChina Company Limited (PetroChina) was established in 1999 as part of the restructuring of China National Petroleum Corporation (CNPC). In the restructuring, CNPC injected into PetroChina most of the assets and liabilities of CNPC relating to its exploration and production, refining and marketing, chemicals and natural gas businesses. PetroChina, now one of the largest companies in the PRC in terms of sales, is engaged in a broad range of activities related to petroleum and natural gas.

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