Wison Engineering Wins US$500 Million Puerto La Cruz Refinery Project in Venezuela

Wison Engineering Services Co. Ltd. (SEHK stock code: 2236), one of the leading chemical engineering, procurement and construction (“EPC”) service providers in China, today announced that its indirect non-wholly owned subsidiary, Wison Engineering Ltd. (“Wison Engineering”), along with Hyundai Engineering & Construction Co., Ltd. (“HDEC”) and Hyundai Engineering Co., Ltd. (“HEC”), was awarded a contract worth approximately US$4.837 billion for the Puerto La Cruz Refinery Project (the “Project”) by PDVSA Petróleo S.A. (“PDVSA”), Venezuela’s state-run oil company. Wison Engineering will take up approximately 10.338% of the total work under the Project and will be entitled to a consideration of approximately US$500 million. Mr. Eulogio Del Pino, the President of PDVSA, together with the representatives from the contractor, attended the signing ceremony to launch the contract.

The Project, an important component of the Deep Conversion Project at the Puerto La Cruz Refinery in Venezuela, is located about 250 kilometres east of the country’s capital city of Caracas. The scope of the Project involves the procurement, construction, pre-commissioning and commissioning/start-up assistance of the Refinery’s Core Process Units, Utility and Offsite Facilities. The Project is expected to commence on 1 February 2015 and to be completed in 47 months after commencement of the work. After the refinery facilities are upgraded, the Puerto La Cruz Refinery can process heavy and extra-heavy oil rather than light crude in the Orinoco Oil Belt, and will have a capacity of 210,000 barrels / day.

In 2012, Wison Engineering, together with HDEC and HEC, carried out EPC and Start-up Assistance for the Environmental Units, Auxiliary Units and Revamp of Atmospheric Distillation Units of the Deep Conversion Project. In 2013, the Company won a procurement and construction contract from PDVSA for site preparation for the Puerto La Cruz Refinery Deep Conversion Project and provided PDVSA Batalla de Santa Ines Refinery Project with EPC, Commissioning and Start-up Assistance services involving Atmospheric Distillation Unit, Naphtha Hydrogenation Unit, Continuous Catalytic Reforming Unit, Utility Units, Offsite Units and high priority areas of the project.

Mr. Dong Hua, Senior Vice President of Wison Engineering, said: “Wison Engineering is honored to once again win PDVSA’s trust, and jointly execute this project with HDEC and HEC. Backed by Wison’s proven track record and outstanding project management experience by establishing win-win cooperation with our domestic and foreign experienced partners, we will continue to expand our sales contribution from overseas projects, and take a great leap forward on Wison’s path to overseas development.”

Wison Engineering has been actively expanding its customer base and extending its foothold in the overseas market, which the company strives to implement as its long-term development strategy. In recent years, Wison Engineering has established overseas offices or subsidiaries in the Middle East, North Africa, and Southeast Asia, and has made significant progress in rich oil countries such as Saudi Arabia and Venezuela, and has therefore been gradually accumulating a wealth of experience in executing overseas projects. Earlier this year, Wison Engineering was recognized for the on-schedule start-up of its benzene mitigation EPC project in Saudi Arabia, which met the technical requirements of the Royal Commission of Saudi Arabia. In another project for the same client, the Saudi De-Bottlenecking Project, the Company won the “Golden Key Award” presented by the project owner.