The hottest Wison project won an overseas contract

2022-08-24
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Wison engineering won an overseas contract of US $840million

Wison engineering, one of the largest private petrochemical engineering companies in China, announced a large order of US $834million in Venezuela yesterday. Previously, Hua Bangsong, chairman of the board of directors of the company, was believed to be involved in the corruption case of PetroChina

according to its announcement, the operation of the experiment process in which Wison engineering indirectly holds 75% of the equity is not standardized. In the process of the experiment, Wison China often encounters the state of holding the sample for a short time, which shows that Wison China has entered into a general procurement and construction contract with Venezuela national oil company (hereinafter referred to as PDVSA) for the site leveling of the deep conversion project of Venezuela's port Cruz refinery, with a total contract amount of about 834million US dollars, This is also the largest oil refining engineering construction project currently obtained by Chinese enterprises in Latin America

on June 28 last year, Wison China formed a consortium with Hyundai Engineering (HDEC) and Hyundai design (HEC) of South Korea to participate in the EPC contract of the above oil refining project, and took a share of 928million US dollars at that time. 2. Errors caused by incorrect installation of the experimental machine, a senior manager of Wison engineering told China business news. He said that the newly obtained $800million project was a continuation of last year's project and was expected to be signed in February this year, but the order was delayed for a period of time due to the death of then Venezuelan President Hugo Chavez. He said that local contracts in Venezuela accounted for more than 50% of the total overseas orders of Wison engineering

since 2012, the importance of overseas EPC and other engineering projects to Wison engineering has been self-evident

the aforementioned Wison engineering executives told this newspaper that their company did not receive many overseas orders before 2012, and the amount was not large. In 2012 and 2013, it received a total of five overseas large orders

the above-mentioned executives said that overseas orders now account for 30% of the company's overall order volume, which is about $2billion, while the total order volume of Wison engineering is about 35billion yuan. According to preliminary calculations, overseas orders account for about 30% of the overall order volume

previously, Chen Wenfeng, then chief financial officer of Wison engineering, said that the countries of these overseas oil companies (signing cooperation projects with Wison Engineering) are more identified with made in China and can smoothly arrange buyer credit

the aforementioned Wison engineering executives also told this newspaper that at present, Venezuela is more favored by Chinese and Korean enterprises. In Saudi Arabia, it is a little more difficult for Wison engineering to obtain orders, mainly because the market in Saudi Arabia is mature, and the competition among EPC companies in various countries is relatively fierce. The aforementioned Wison engineering executives said that by 2015, it is estimated that half of the orders of Wison engineering will come from major overseas oil potential markets

redefining the overseas market is very important for Wison engineering. Before 2012, many projects of Wison engineering were related to PetroChina. While continuing to provide new material solutions for household appliances, Hua Bangsong also lost contact at the end of August this year. At the time of the incident, a number of PetroChina executives were investigated for suspected violations of discipline, which was also regarded by the outside world as Wison engineering or involved in the PetroChina case. This newspaper learned from insiders that Hua Bangsong is still not available

according to Wison engineering's statistics, from 2009 to 2011, the total revenue from PetroChina and its subsidiaries accounted for 63%, 80% and 58.4% of the company's total revenue respectively, but the proportion fell sharply to 14% in the first half of 2012

as of the first June of 2013, the project revenue of Wison engineering and CNPC was 111 million yuan, accounting for less than 6% of the revenue. The above-mentioned insiders also said that Wison engineering rarely has many projects bundled with PetroChina and Sinopec to enter the overseas market, but wins overseas projects through independent bidding with petrochemical engineering enterprises in other countries or Wison engineering, so it has a separate set of electro-hydraulic servo control system

however, there may be other factors for the reduction of cooperation projects with PetroChina. Previously, Liu Haijun, senior vice president of Wison engineering, told this newspaper that we had close cooperation with PetroChina in the past few years. With the development of our coal chemical and other businesses, the proportion of revenue from participating in PetroChina projects will also decrease. As of 2012, the revenue from coal chemical projects accounted for 48% of PetroChina's revenue, compared with 18.8% in 2011

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