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INEOS Phenol is the world's largest producer and marketer of Phenol and Acetone.  These feedstocks are used in derivative products used for the manufacture of consumer products such as aspirin, car bumpers, household appliances, compact discs and acrylic glass.

INEOS Phenol has decided to continue its growth strategy by significantly expanding its Antwerp production facility. Originally established for an annual production of 200,000 tonnes per annum (tpa) of phenol in 1993, the plant was expanded to 420,000 tpa with a second line in 1997. The recent debottlenecking established with assistance from Aker Kvaerner has increased that capacity to 450,000 tpa.

Using its own proprietary technology, INEOS Phenol will further increase the plant capacity to 640,000 tpa, with start-up set for October 2006. Pre-engineering has already commenced, supported by this alliance agreement with Aker Kvaerner.

Under this alliance, Aker Kvaerner provides engineering services, including feasibility and front-end studies to prepare a bid package for basic engineering for the capacity increase of the plant. This alliance contract will be managed from the Aker Kvaerner offices in Antwerp, Belgium with support from Stockton, UK.

"Our long track-record and experience gained in the successful completion of similar expansion projects will be very beneficial in ensuring we deliver cost-effective, reliable and technically integrated engineering services on this capacity increase," said Malcolm Oliver, Managing Director of AK Engineering Services.

ENDS

 

Vanessa Mourant, Aker Kvaerner, London, UK: Tel: +44 (0)20 7339 1064, Mobile: +44 (0)7771 806566

Sarah Weyell, Aker Kvaerner, Stockton-on-Tees, UK: +44 (0)1642 602221

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 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.

2.  E&C Europe specialises in the provision of process technology, engineering studies (including bankable feasibility and environmental studies), total project management, engineering and design, procurement, construction, commissioning and maintenance services. With nearly 5,000 people based largely from Europe, E&CEurope serves a number of industrial sectors: refining and petrochemicals, pharmaceuticals & biotechnology, onshore oil & gas, power generation, chemical pulping, nuclear, water, and mining and metals.

3.  AK Engineering Services is the trading name of Aker Kvaerner Engineering Services Ltd. and Aker Kvaerner Belgium NV, and one of the core businesses of the Aker Kvaerner group in Europe. Aker Kvaerner Engineering Services Ltd. and Aker Kvaerner Belgium NV will be undertaking the project work. It provides total asset life cycle solutions including conceptual design, engineering, procurement, project management, construction and commissioning, through to operation and maintenance services, modifications and process improvements.  Also offered are consultancy services in reliability, business modelling and environmental, health, safety and risk management.

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

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